Here are 4 major moments that drove the stock market last week

The S&P 500 hit a brick wall on Friday, ending the week lower just one day after closing at a record high. The rotation of technology stocks supporting the Dow was clearly evident. The general rally on Wednesday after the Federal Reserve cut interest rates for the third time this year has long been forgotten. .SPX .IXIC,.DJI 5D mountain S&P 500, Nasdaq and Dow last week Over the week, the broad-market S&P 500 lost roughly 0.6%, while the tech-heavy Nasdaq fell 1.6%, snapping a two-week winning streak. The sector reversal, which made the materials, financials and industrials sectors weekly winners and the communications services and information technology sectors weekly losers, pushed the Dow up 1% last week for its third straight weekly gain. Despite December being a historically strong month, the S&P 500 and Nasdaq fell 0.3% and 0.7%, respectively. The Dow rose almost 1.6%. Maybe the big man will save Wall Street. The so-called Santa Claus rally, which is a seasonal pattern that occurs in the last five trading days of the year and the first two trading days of the new year, will begin on December 19. Until then, here are four key moments that drove the market last week. 1. Broad(com) is concerned that Friday's market was hit by a tech sell-off led by Broadcom's 11.5% decline. The chipmaker's quarterly rise and rise on Thursday was overshadowed by management's misinterpreted remarks during its earnings call. Broadcom's hit has fueled AI stock valuation concerns. During Friday morning's selloff, Jim Cramer said the custom chip maker's business was "on fire" and the dip could be a buying opportunity. Broadcom was our worst performer of the week, followed by Meta Platforms and Nvidia. 2. Tarnished Oracle Oracle's second-session sell-off on Friday didn't help either. The stock tumbled nearly 11% on Thursday following quarterly sales losses, a disappointing guidance update and a rising spending outlook. The magnitude of the stock decline was compounded by the issue management did not address on Wednesday evening's conference call: OpenAI's ability to fulfill its major commitments to purchase AI computing power from Oracle. On Friday, shares fell another 4.5% after Bloomberg reported that Oracle was delaying the completion dates of some data centers it was completing for OpenAI. Oracle pushed back, claiming that "all milestones were on track." 3. Nvidia is healing China While Nvidia caught shrapnel from AI trade concerns, the multi-purpose AI chip king received long-awaited good news last week. After Monday's close, President Donald Trump said on social media that Nvidia would be allowed to ship its second-best H200 chips to "approved customers in China" and that the U.S. government would take a 25% cut. Nvidia reached a deal with the US government in August to provide 15% of production to China, cutting H20 sales in exchange for export licenses. It turns out that China doesn't want H20s. The question of whether China would want the H200s has been debated all week. 4. Strong guidance On the industrial side of the AI business, GE Vernova was our top performer despite a 4.6% decline on Friday. The energy equipment company, whose products and services help power AI data centers, closed at a record high on Wednesday with incredibly positive guidance through fiscal 2028. On CNBC, CEO Scott Strazik reinforced the compelling near- and long-term growth story management outlined at Tuesday night's investor meeting. On Wednesday, we raised our GE Vernova price target to $800 per share from $700 and reiterated our buy-equivalent 1 rating. Honeywell spinoff, Solstice Advanced Materials and Dover were also among the weekly winners. (Jim Cramer's Charitable Trust is long AVOG, META, NVDA, GEV, SOLS, DOV. See here for a full list of stocks.) When you subscribe to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trading alert before buying or selling a stock in his charitable foundation's portfolio. If Jim talked about a stock on CNBC TV, he would wait 72 hours after issuing the trading alert before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH THE DISCLAIMERS. NO CIVIL OBLIGATIONS OR DUTIES EXIST OR SHALL BE RESULTING FROM YOUR RECEIVING ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULT OR PROFIT CAN BE GUARANTEED.