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The Dow Jones Industrials tumbled more than 500 points on Friday as a selloff in tech in the prior session shifted to other areas of the market 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 538.68 points, or 1%, to 52,327.30.
The S&P 500 index fell 10.95 points, or 0.2%, to 7,652.45.
The tech-heavy NASDAQ recovered 64 points to 26,072.85.
More defensive stocks came under pressure on Friday, with the consumer staples, utilities and healthcare sectors all lower.
Dow component American Express fell more than 3% after announcing it was cutting about 5% of its global workforce, citing the need to “prepare for AI.” Caterpillar also edged down 2%, while Goldman Sachs fell about 1%, adding pressure to the 30-stock index.
On Thursday, many technology stocks had pulled back as traders assessed the impact of outsized corporate borrowing and rising rates on AI and other tech names.
Microsoft rebounded slightly on Friday. However, chip stocks such as Micron Technology and Advanced Micro Devices were making a stronger move, Micron posting gains of 3%, Advanced up 2%.
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 5% from Thursday 4.97%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.61 to $103.08 U.S. a barrel.
Gold prices slid $50.60 to $4,009.80 U.S. an ounce.
