US stock markets: Dow Jones hits record high, Nasdaq sinks 4.6% - What shook Wall Street this week?

US stock markets ended a volatile week on a mixed note, with the Dow Jones gaining about 0.6% to close at a record high while the S&P 500 declined 2.0% and the Nasdaq tumbled 4.6%. Technology stocks led the decline amid concerns over AI spending, rising infrastructure costs, and hotter-than-expected PCE inflation data that reinforced expectations of the Fed keeping rates higher for longer. Oil prices dropped sharply with US crude falling 8.7% to below $70 per barrel, while Apple fell over 6% on the week after raising MacBook and iPad prices.