Topline
U.S. markets experienced a significant downturn on Friday, with all major indexes sliding at least 1.3%. The Nasdaq bore the brunt of the volatility, plunging over 4% as a sweeping selloff in the technology sector weighed heavily on the market.
Major indexes in the U.S. fell at least 1.1% on Friday. (Photo by Michael M. Santiago/Getty Images)
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Key Facts
The Nasdaq suffered the steepest decline of the day, falling 4.1% and wiping out nearly a full month of growth.
The S&P 500 closed 2.6% lower, ending a nine-week winning streak and resulting in a weekly loss of approximately 2.6%.
Despite the Friday drop, the S&P 500 remains up 1.7% over the past 30 days.
Major tech components saw deep losses: Intel slid more than 11%, Oracle fell 9.5%, and Nvidia declined nearly 6%.
The Dow Jones Industrial Average dipped 1.3% on Friday, though it maintains a monthly gain of over 3%.
Surprising Fact
Had the S&P 500 extended its winning streak to 10 weeks, it would have been the index’s longest period of consecutive gains since 1985.
Tangent
Cryptocurrency markets also felt the pressure, with Bitcoin dropping below $60,000 for the first time since late 2024. This decline followed an announcement from Michael Saylor’s crypto holding firm that it would sell 32 bitcoins to raise roughly $2.5 million—the firm’s first such sale since December 2022. Simultaneously, gold and silver prices hit multi-month lows following a strong jobs report, as the positive economic data reduced the appeal of these traditional safe-haven assets.
Key Background
Friday’s sharp correction interrupted an otherwise bullish period. Prior to the drop, the S&P 500 had recorded nine consecutive weeks of growth, its strongest run since 2023. Despite the recent volatility, the Nasdaq remains up 1.5% month-over-month, buoyed by the ongoing artificial intelligence boom and massive infrastructure investment; the industry’s largest firms are projected to spend $750 billion on AI this year. Year-to-date, both the S&P 500 and the Nasdaq have surged by at least 7.8%. Mark Hackett, chief market strategist at Nationwide, told CNBC that investors had been poised to sell, though he suggested the move was not necessarily a complete exit from the market.