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Markets close lower today, meme stocks decline after week-long rally

Yahoo Finance reporter Ines Ferre looks at where markets settled to end the week, with megacaps, semiconductors, and meme stocks showing signs of weakness.

Video transcript

INES FERRE: Yeah, Seana, on a bit of a halt to that summer rally that we've seen. Let's take a look at that NASDAQ, as you were just mentioning. I'm going to pull up a five-day chart so you can see the NASDAQ set to close in the red for the week. Same situation with the S&P 500, set to close down for the week. Looking at the US dollar index, that has been going higher and higher. It's up just above 108. Yesterday, it was at 107.

Let's take a look at the sectors because we have been seeing today weakness with consumer discretionary, financials, materials. Some gains with energy stocks and also health care. Over on the NASDAQ 100, take a look at the left-hand side of the screen. You've got the mega caps that are under pressure. Amazon, part of consumer discretionary. Tesla as well down 2%. And then we're watching also the semiconductors. These are seeing weakness today. You've got some analysts cutting price targets, anticipating some softness in the memory chip market into 2023.

Then taking a look at the meme stocks. We have been watching these throughout the day. We're looking at BBBY, which is down as well. AMC and GameStop also down, but Bed Bath & Beyond down the most on record for that stock. Finally, just taking a look at the energy stocks, the big one that stands out today being Occidental Petroleum, up 9%. Here's the closing bell for today, Friday, August 19, at the New York Stock Exchange.

[BELL RINGING, APPLAUSE]