Bears pressed the S&P 500 index futures to fresh weekly lows on Friday as chip and AI-focused top components weighed on the tape, yet the bulls clung to psychological support by the time the dust settled.

Overnight trading opened with the bears gaining control, and the sellers drove the index futures down to a low of 7357.25 during the night. From there, the bulls attempted to reclaim the psychological 7400 level and push beyond, but they were unable to hold onto any significant progress. The regular session began just above the premarket low, and the opening chop went straight back to test support near that level.

Bids held, and the bulls soon mounted a rally that carried the index futures back into the 7400 handle. After a brief pause, they breached the overnight high, reaching a top of 7459.50 just before the lunch hour. Sellers took advantage of the rally, but for the most part the bulls defended Thursday’s close. As the closing bell approached, however, the bears saw red again: once closing imbalances were in, a quick flush of selling in the final minutes neared the intraday low, though a handful of last-second buyers lifted the closing price back above those lows. The session concluded just below the day’s midpoint at 7401.75, losing 21.50 handles. For the week, that makes for a loss of 169 handles or 2.23%.

Monday, market participants can look forward to just a few earnings reports, mostly after the close.

Among the top components of the index, Microsoft Corp (NASDAQ: MSFT) emerged as the biggest gainer. The tech giant advanced by $20.14 or 5.71% to close at $372.97 for the day.

That performance was over six percent better than the cash index’s decline of 0.72%.

Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $13.89 or 3.67% to close at $365.02.