Nasdaq Plummets 4% As Tech Selloff Triggers Market Drop

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Topline

Major indexes in the U.S. all fell at least 1.3% on Friday, tumbling as tech stocks took a dive that contributed to a poor day for the Nasdaq, which dropped over 4% amid the selloff.

Major indexes in the U.S. fell at least 1.1% on Friday. (Photo by Michael M. Santiago/Getty Images)

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Key Facts

sotck The Nasdaq took the hardest hit of any index Friday, tanking 4.1% and erasing nearly a month’s worth of gains.

The S&P 500 closed down 2.6%, bringing its weekly performance to a nearly 2.6% loss and ending nine straight weeks of gains.

The S&P 500 is still up 1.7% in the last month of trading.

Several tech stocks plummeted, with Intel falling over 11%, Oracle dropping 9.5% and Nvidia tumbling nearly 6%.

The Dow Jones Industrial Average dropped 1.3% on Friday, though the index is up over 3% in the last month of trading.

Surprising Fact

A 10-week streak for the S&P 500 would have marked its longest winning streak since 1985.

Tangent

Bitcoin fell below $60,000 for the first time since late 2024. The drop came after billionaire Michael Saylor’s crypto holding firm announced it would sell 32 bitcoins to raise about $2.5 million in its first sale since December 2022. Gold and silver prices also fell to their lowest prices in months after a strong jobs report was published Friday. Investments in the metals are typically driven by periods of economic uncertainty.

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