U.S. stocks closed sharply lower on Friday, with all three major indexes dropping over 1%. The Dow Jones Industrial Average plunged 1.79%, ending the week down 1.32%, while the Nasdaq fell 1.3%, marking a weekly decline of 0.63%. The S&P 500 slid 1.13%, closing the week 0.39% lower.
Most major tech stocks retreated, with Intel dropping over 3% and Nvidia falling more than 2%. Apple and Meta each lost over 1%, while Microsoft, Netflix, Google, and Amazon saw modest declines. Tesla, however, gained about 2%. In contrast, the energy sector surged, led by Houston Energy (+119%), U.S. Energy (+55%), Indonesia Energy (~45%), and Mesa Royalty Trust (~29%).
Drone manufacturer Airo skyrocketed 140% on its IPO debut, while Oracle surged over 7%, capping a nearly 24% weekly gain—its best performance since 2001.
The sell-off reflected ongoing investor caution amid lingering inflation and interest rate uncertainty. While tech stocks struggled, energy and select industrials outperformed, signaling a potential sector rotation. Traders will closely monitor next week’s economic data for further direction.
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