U.S. stocks post weekly losses amid tech shares rout

 U.S. stocks declined in the week ending Nov. 16 as major tech shares struggled, weighing on the market.

For the week, the Dow and the S&P 500 decreased 2.22 percent and 1.61 percent, respectively, while the Nasdaq slid 2.15 percent.

Technology, the biggest sector in the S&P 500 by market cap, was under pressure this week. The sector dropped 2.5 percent following a decline in major U.S. tech stocks.

Apple shares reported a 5.4-percent weekly drop. The stock dipped into a bear market earlier this week as it traded more than 20 percent below its recent all-time high. The decline came after it was downgraded Wednesday by a Guggenheim Partners analyst who predicted a 5 percent decline in iPhone sales in 2019.

Tech-related shares like Amazon and Netflix were also down 7 percent and 5.7 percent, respectively. Facebook dipped more than 3.7 percent.

Shares of Nvidia plunged 18.76 percent on Friday after the chipmaker's earnings and outlook fell short of Wall Street estimates. Sharp losses in Nvidia dragged down the chips sector and the overall tech sector on Friday. Advanced Micro Devices and Micron Technology decreased 3.86 percent and 1.18 percent, respectively.

Shares of utility PG&E was also in the spotlight this week. The stock plunged more than 30 percent on Thursday after slumping more than 20 percent in the previous session. The company said on Wednesday that its insurance would not cover the cost if it is found responsible for the raging Camp Fire in the U.S. state of California. On Friday, PG&E shares surged 37.5 percent.

Wall Street also kept a close eye on a slew of key data.

U.S. Consumer Price Index (CPI) rose 0.3 percent in October, boosted by gains in the cost of gas, rent and used vehicles, the Labor Department said Wednesday. The reading was in line with expectations.

The yearly increase in the closely watched core CPI, which strips out food and energy costs, dipped to 2.1 percent from 2.2 percent, lower than estimates.

These data came as a relief for investors as they have been concerned over the uptick interest rates. The Federal Reserve has raised rates three times this year and is forecast to hike once more before the end of the year.

On other economic data, U.S. industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere, according to data released by the Federal Reserve on Friday. The reading missed market forecasts.

The advance figure for U.S. initial jobless claims, a rough way to measure layoffs, was 216,000 in the week ending Nov. 10, an increase of 2,000 from the previous week, the Department of Labor reported on Thursday. The reading was higher than market forecasts.

U.S. small business optimism index declined to 107.4 in October from 107.9 in September, according to a report released by the National Federation of Independent Business on Tuesday. The reading also marked a four-month low.