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Wall Street closed out a volatile week lower in a broad risk-off move fueled by worries about the AI trade and valuations.

Major indexes fell across the board, with the Nasdaq Composite (COMP:IND) sliding -3.0% for its worst weekly performance since April, while the Nasdaq 100 (US100:IND) dropped -3.09%. The S&P 500 (SP500) lost -1.6%, and the Dow Jones Industrial Average (DJI) shed -1.2% as investors rotated away from high-growth names.

That vibe was encapsulated by “Big Short” money manager Michael Burry disclosing that he is betting against AI darlings Nvidia (NVDA) and Palantir (PLTR). That was followed by Palantir CEO Alex Karp, whose stock was sliding on valuation worries despite stellar earnings, calling Burry “bats— crazy.”

Crypto was also hit hard. Bitcoin (BTC-USD) tumbled 6.9%, flirting with bear-market territory and the closely watched $100,000 support level that traders have defended since early October.

“An exhausting week in markets if you were paying attention. (But) Friday’s price action throughout the day indicates a potential recovery from this garden-variety correction,” said Seeking Alpha analyst Alex King of Cestrian Capital Research.

The pullback followed weeks of record highs and light data flow amid the prolonged government shutdown. Attention will now turn to next week’s earnings and any fresh Fed commentary as traders look for signs that the rally’s underlying momentum remains intact.

Read a preview of next week’s major events in Seeking Alpha’s Catalyst Watch.

Seeking Alpha’s Calls Of The Week

Weekly Movement

U.S. Indices Dow -1.2% to 46,987. S&P 500 -1.6% to 6,729. Nasdaq -3.0% to 23,005. Russell 2000 -1.9% to 2,433. CBOE Volatility Index +9.4% to 19.08.

S&P 500 Sectors Consumer Staples +0.8%. Utilities +0.7%. Financials +0.8%. Telecom -1.7%. Healthcare +1.3%. Industrials -1.1%. Information Technology -4.2%. Materials +0.4%. Energy +1.5%. Consumer Discretionary -1.6%. Real Estate +1%.

World Indices London -0.4% to 9,683. France -2.1% to 7,950. Germany -1.6% to 23,570. Japan -4.1% to 50,276. China +1.1% to 3,998. Hong Kong +1.3% to 26,242. India -0.9% to 83,216.

Commodities and Bonds Crude Oil WTI -2% to $59.75/bbl. Gold +0.3% to $4,009.8/oz. Natural Gas +4.6% to 4.315. Ten-Year Bond Yield -0.2 bps to 4.093.

Forex and Cryptos EUR/USD +0.26%. USD/JPY -0.38%. GBP/USD +0.05%. Bitcoin -7.%. Litecoin -1.1%. Ethereum -11.3%. XRP -7.7%.

Top S&P 500 Gainers Kenvue (KVUE) +17%. Datadog (DDOG) +17%. Expedia Group (EXPE) +17%. DuPont de Nemours (DD) +17%. Henry Schein (HSIC) +14%.

Top S&P 500 Losers Super Micro Computer (SMCI) -23%. DoorDash (DASH) -20%. Axon Enterprise (AXON) -18%. Zoetis (ZTS) -17%. Norwegian Cruise Line Holdings (NCLH) -15%.

Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.