S&P 500 Falls 0.4% for the Week; Dow Drops 1.5%, Nasdaq Slips 0.5%

TREE NEWS update: The S&P 500 fell 0.4% for the week, the Dow Jones Industrial Average dropped 1.5%, and the Nasdaq Composite declined 0.5%. The Philadelphia Semiconductor Index rose 0.6%, while the memory chip index fell 1.2%, and the Magnificent Seven tech group slipped 0.1%. On Friday, when the U.S. CPI inflation data was released, the S&P 500 closed up 0.8%, with the communication services, technology, and industrials sectors each gaining at least about 1%.