The Standard & Poor's 500 index slipped 0.6% this week, weighed by the communication services and technology sectors amid concerns about the artificial-intelligence boom.

The S&P 500 ended Friday's session at 6,827.41. The index is now down 0.3% for the month but up 16% for the year with just a few weeks remaining in 2025.

The Federal Reserve's Federal Open Market Committee on Wednesday reduced its benchmark lending rate by 25 basis points amid continued concerns about the health of the labor market. The cut, the FOMC's third consecutive quarter-percentage-point cut, wasn't unexpected.

Investors were, however, surprised by details in quarterly results from Oracle (ORCL) and Broadcom (AVGO) that raised concerns about spending amid the AI boom.

Oracle's fiscal Q2 adjusted earnings per share surpassed analysts' expectations but its revenue missed the Street view. The revenue miss came as "softer cloud revenue and heavy AI data-centre spending raised questions about debt-funded expansion," according to a note from Saxo Bank.

Broadcom posted higher-than-expected adjusted earnings per share for its fiscal Q4 but issued a warning that fiscal Q1 consolidated gross margins will decline sequentially amid a bigger mix of AI-related revenue.

Communication services led the S&P 500's declining sectors the week, falling 3.2%, followed by a 2.3% drop in technology and a 1.1% loss in utilities. Real estate and energy also edged lower.

Trade Desk (TTD) had the largest percentage drop in communication services, sliding 8.5%. Wedbush cut its price target on the stock to $40 per share from $50, citing the "increasing competitive pressures." The firm maintained its neutral investment rating on the stock.

Oracle had the largest percentage loss in the technology sector, falling 13%. Broadcom was also among the worst performers, slipping 7.8%.

On the upside, materials climbed 2.4%, followed by a 2.3% gain in financials and a 1.4% advance in industrials. Consumer staples, health care and consumer discretionary also edged higher.

Mosaic (MOS) was the materials sector's top performer, jumping 11% following a report of Ukrainian strikes on Russian fertilizer facilities.

Earnings reports are expected next week from companies including Micron Technology (MU), Accenture (ACN), Nike (NKE), Cintas (CTAS) and FedEx (FDX).

Economic data will include the government's delayed report on November employment, which will also include some of October's job numbers as well. The consumer price index for November will also be released with some figures from October.