Stocks moved lower Friday, pressured by more losses in technology stocks, and were on pace for a losing week as new economic data added to investors’ economic fears.
The Dow Jones Industrials plunged 382.32 points to 46,529.98
The S&P 500 dropped 82.44 points to 6,637.88
The NASDAQ plunged 415.56 points, or 1.6%, to 22,787.43.
Nvidia shares were down 4%, putting their weekly losses at 11%. Fellow leading artificial intelligence player Oracle also fell 4% and was on track for 11% decline on the week as well. Palantir Technologies, down 15% on the week, and Broadcom, off by 8% 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. Major U.S. stock averages closed lower across the board, with the tech-heavy NASDAQ notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.
The three benchmark indexes are each in the red this week, as fears about elevated tech sector valuations and a highly concentrated market. The S&P 500 is down almost 3% week to date, while the 30-stock Dow and NASDAQ have lost around 2% and nearly 5% during the period, respectively.
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 higher Friday, lowering yields to 4.07%, from Thursday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices acquired 31 cents to $59.74 U.S. a barrel.
Gold prices took on $27.10 to $4,018.10. U.S. an ounce.
