Stocks moved lower Friday as tech continued to struggle, putting the major averages on pace for a losing week.
The Dow Jones Industrials erased 100.59 points to 46,811.71
The S&P 500 dropped 44.77 points to open the session at 6,675.55.
The NASDAQ plunged 295.50 points to 22,758.49.
Nvidia shares were down 3%, putting their weekly losses at 10%. Fellow leading artificial intelligence player Oracle fell 3% and was on track for 10% decline on the week as well. Palantir Technologies, down 14% on the week, and Broadcom, off by 6% this week, were also lower.
Key AI leaders lost steam on Thursday, with Nvidia, Advanced Micro Devices, Tesla and Microsoft posting significant declines that weighed on the broader market.
The drop in stocks was also exacerbated by data reflecting job cuts for October hit the highest level for the month in more than two decades, making 2025 the worst year for layoffs since 2009.
Major U.S. stock averages closed lower across the board in the previous session, with the tech-heavy NASDAQ notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.
Prices for the 10-year Treasury were unchanged Friday, keeping yields at Thursday’s 4.09%.
Oil prices acquired 26 cents to $59.69 U.S. a barrel.
Gold prices took on $10.00 to $4,001. U.S. an ounce.
