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The Dow Jones Industrials slid 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 jettisoned 652.82 points, or 1.2%, to 52,215.16.
The S&P 500 index fell 39.75 points, or 0.5%, to 7,623.68
The tech-heavy NASDAQ settled 53.52 points to 25,955.34.
On the week, the S&P 500 lost 0.5%, and the NASDAQ shed 0.7%. The Dow gained 0.4% in the period.
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.
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%.
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 $4.17 to $103.64 U.S. a barrel.
Gold prices slid $47.80 to $4,012.60 U.S. an ounce.
