Imani Moise

Both stocks ended the week lower.

Meta was down 11% and Alphabet fell about 9%.

Alphabet's legal news almost overshadowed its product launch that shook the ground under chip stocks.

Google announced a new algorithm on Wednesday that can shrink the memory needed to run AI models by at least six times without losing accuracy.

That news sent chipmaker stocks into freefall with Micron plunging 15.5% and SanDisk shares sliding 13%.

If you filled up your tank recently, you can probably guess which sector is the week's biggest winner.

That's right, energy.

Benchmark oil prices hovered around $113 a barrel and are up 85% so far this year, after the war in Iran jammed up the waterway responsible for transporting 20% of the global oil supply.

President Trump has tried to soothe the market with social media posts promising a swift end to the war, but futures contracts suggest traders believe we still have a long way to go.

Shares in ExxonMobil ended the week up 7%, while oil giants ConocoPhillips and Chevron closed up about 5%.

While wartime is usually a pretty good time for energy stocks, their gains typically coincide with broader pain.

This week, the University of Michigan's Consumer Sentiment Index dropped to its lowest reading of the year, as higher gas prices cut into household budgets.

That could weigh on consumer discretionary stocks going forward.

Professional investors are becoming more pessimistic, too.

Today, the market sees an absolutely zero percent chance of an interest rate cut this year, compared with up to three cuts the market was betting on just a month ago.

And now you know what's news in markets this week.

You can read more about the stocks that moved on the week's news in our live markets coverage on WSJ.com.

Today's show was produced by Anthony Bansi and Michael LaValle with supervising producer Melanie Roy.

I'm Imani Moise.

Have a great weekend and catch you next Saturday.