Major stock indexes in the U.S. experienced significant declines on Friday, with the tech-heavy Nasdaq Composite leading the downturn by plummeting over 4%. This selloff erased nearly a month’s worth of gains, reflecting heightened volatility in the tech sector. The S&P 500 also faced substantial losses, closing down 2.6%, which represented a notable shift after a streak of nine consecutive weeks of gains. Despite Friday’s drop, the S&P 500 is still up 1.7% over the last month.
Within the technology sector, several major corporations saw their stock prices take significant hits. Intel led the decline with an over 11% drop, while Oracle and Nvidia followed closely, falling by 9.5% and nearly 6%, respectively. The Dow Jones Industrial Average also declined, ending the day with a 1.3% loss. Nevertheless, over the past month, it has posted an overall increase of more than 3%.
The day’s losses came amid broader market turbulence and were exacerbated by external factors, including a significant drop in Bitcoin prices, which fell below the $60,000 mark for the first time since late 2024. This decline followed the announcement from billionaire Michael Saylor’s firm, which revealed it would be selling 32 bitcoins to secure approximately $2.5 million—its first sale since December 2022.
Adding to the unsettling market sentiment, gold and silver prices experienced declines, reaching their lowest points in months. Typically, investments in precious metals rise during times of economic uncertainty, and the downward trend in these commodities follows a robust jobs report released the same day.
Despite Friday’s sharp drop, the S&P 500’s prior nine-week winning streak had marked its longest since 2023, reflecting a recovery fueled by optimism around artificial intelligence and significant infrastructure spending from top tech companies. Experts noted that while investors had been on edge with potential selling, this wasn’t necessarily a signal for panic, but rather a strategic decision amidst fluctuating market conditions.
