Tech Stocks Drag Markets Lower
The Dow Jones Industrial Average slipped 0.51%, or 245.96 points, settling at 48,458.05. The Nasdaq Composite dropped 1.69%, or 398.69 points, to 23,195.17, while the S&P 500 retreated 1.07%, or 73.59 points, closing at 6,827.41.
The Volatility Index (VIX), often referred to as the "fear index," climbed 5.99% to reach 15.74, reflecting heightened investor caution.
Shares of Oracle, which released its earnings this week, fell 11% on Thursday after revenues fell short of expectations. The stock declined an additional 4.5% on Friday. Similarly, Broadcom’s shares dropped 11.5% despite reporting stronger-than-anticipated profits and revenues, following the release of its balance sheet after Thursday’s market close.
Other major technology names also faced losses, with Nvidia down 3.3%, Amazon declining 1.8%, Meta off 1.3%, and both Alphabet and Microsoft retreating 1%.
In political developments, US President Donald Trump told The Wall Street Journal in an interview that he was close to selecting either White House National Economic Council Director Kevin Hassett or former Fed Board member Kevin Warsh for the Federal Reserve’s chair position.
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