By Alexander Osipovich

New data showed the mood among U.S. households darkening, as many worry about the economic effects of the government shutdown. Preliminary survey results from the University of Michigan suggested consumer sentiment has fallen toward record-low levels.

The Nasdaq composite led indexes lower Friday with a 1.1% fall, building on a pullback in the previous session. The tech-heavy index is on track for its worst week since an April drop triggered by "Liberation Day."

Tesla stock slid 3%, in the first session after shareholders approved Elon Musk's up-to-$1 trillion pay package. Chip stocks such as AMD, ARM, Lam Research and Marvell were among other notable decliners. Strong results boosted Affirm, Expedia and Monster Beverage.

In global markets, jitters around valuations for artificial intelligence-linked stocks were also evident, hitting companies like SoftBank and Samsung. Japan's Nikkei 225 lost more than 4% for the week, its worst weekly showing since early April.

The record government stoppage continues. Senate Republicans are moving towards a new proposal to end the shutdown, but remain far apart from Democratic leaders who want to extend Affordable Care Act subsidies.

In other trading:

Gold and oil futures both rose.

Bitcoin prices wavered, briefly dipping below $100,000.

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(END) Dow Jones Newswires

November 07, 2025 14:11 ET (19:11 GMT)

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