US large-cap tech stocks suffer biggest weekly drop in over a year

The three major U.S. stock indexes in New York closed lower on the 16th local time, with AI-related technology stocks once again hit by selling, and the large-cap technology sector posting its biggest weekly decline since April 2025. As of the close that day, the technology sector and communication services sector led the declines with drops of 2.54% and 2.45%, respectively. It is reported that the Nasdaq 100 Index, which concentrates the performance of technology stocks, fell 5.5% for the week. This was the index's biggest weekly decline since April 2025. Bank of America strategist Michael Hartnett believes that, considering factors such as rising Treasury yields, high international oil prices, and the approaching midterm elections, investors' risk-aversion toward U.S. stocks will intensify over the next month. The Chicago Board Options Exchange Volatility Index, which measures investor panic and market risk, rose as high as 22.31 during the day and closed at 19.99, surging 21.45%.