Chip stocks keep falling and the S&P 500 heads for its worst week since June

What happened

The S&P 500 Index fell on Friday and was on track for its worst week since June, according to Bloomberg. Meanwhile, chipmakers were weighed down by worries about whether the artificial intelligence trade can hold up.

Why it matters

The S&P 500 is the index most people mean when they say the US market, and it is where a lot of retirement money and index funds sit, in Mexico and Canada too. When one group of companies, like chipmakers, pulls the index down, anyone holding a fund that tracks it feels it, even if they never bought a single chip stock. A bad week is also a reminder that a market can lean heavily on one story, like AI, and wobble when that story is questioned.