Advertisment
The Dow tumbled nearly 800 points on Friday as investors remained uneasy following a Big Tech selloff and U.S. oil prices topped $100 a barrel amid rising fears that the U.S.-Iran conflict would flare up again.
The 30-stock index dropped 759.4 points, or 1.4%, to 52,108.58.
The S&P 500 index fell 45.63 points to 7,617.80.
The tech-heavy NASDAQ lost 42.18 points to 25,966.68.
On the week, the S&P 500 is heading for a slim gain, up less than 0.1%, while the NASDAQ is down 0.5% in the period. The Dow is tracking for a 1.7% advance.
Big Tech shares like Microsoft and Meta were trading lower, while chip stocks were rebounding slightly, with Micron Technology and Advanced Micro Devices ticking up more than 1%.
CoreWeave, which has become the poster child for data center companies using aggressive amounts of borrowed money, dropped 10% on Thursday. Its shares slipped less than 1% on Friday.
On Thursday, many technology stocks pulled back as traders assessed the impact of outsized corporate borrowing and rising rates on artificial intelligence and other tech names.
Prices for the 10-year Treasury was slightly lower, raising yields to 4.99% from Thursday 4.97%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.06 to $102.83 U.S. a barrel.
Gold prices slid $38.10 to $4,022.30 U.S. an ounce.
US Market Updates