Nasdaq continued to fall on Friday as traders headed for a mostly losing week amid declines in tech and artificial intelligence-related names.

The broad market average traded 1.02% higher, while the S&P 500 shed 0.22%. The Dow Jones Industrial Average gained 215.57 points, or 0.41%.

Big tech stocks mostly fell. SMCI down over 6%; Palantir down 5%; Micron, AMD, Intel, Oracle down around 4%; Meta down 2%.

Chipmakers were lower again, however. The VanEck Semiconductor ETF (SMH) shed 1.76%, led by declines in Micron Technology, Advanced Micro Devices and Sandisk. Semiconductors have struggled this week amid jitters about competition from China. The SMH is down 7.4% week to date heading into Friday’s open.

Those declines, coupled with drops in other stocks linked to artificial intelligence, put the S&P 500 on pace for a losing week. The benchmark index is down 0.9% this week, while the Nasdaq has shed 3.29%.

Outside of tech, investors have been grappling with hotter-than-expected inflation data, which has been exacerbated by elevated energy prices in the wake of the U.S.-Iran war. Wholesale inflation this week saw its biggest gain since 2022, while consumer inflation remained well above the Federal Reserve’s target of 2%.

Fed Chairman Kevin Warsh spoke at an IMF event in Bangkok overnight. And while he didn’t comment on whether the Fed would raise rates before year-end, traders took that as a sign that the central bank will hold policy steady later this month. The CME Group’s FedWatch tool points to an 85% chance the Fed keeps its overnight rate unchanged at its Oct. 27-28 meeting.