Topline<\/p>\n
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.<\/p>\n
Major indexes in the U.S. fell at least 1.1% on Friday. (Photo by Michael M. Santiago\/Getty Images)<\/p>\n
Getty ImagesKey Facts<\/p>\n
sotck The Nasdaq took the hardest hit of any index Friday, tanking 4.1% and erasing nearly a month\u2019s worth of gains.<\/p>\n
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.<\/p>\n
The S&P 500 is still up 1.7% in the last month of trading.<\/p>\n
Several tech stocks plummeted, with Intel falling over 11%, Oracle dropping 9.5% and Nvidia tumbling nearly 6%.<\/p>\n
The Dow Jones Industrial Average dropped 1.3% on Friday, though the index is up over 3% in the last month of trading.<\/p>\n
Surprising Fact<\/p>\n
A 10-week streak for the S&P 500 would have marked its longest winning streak since 1985. <\/p>\n
Tangent<\/p>\n
Bitcoin fell below $60,000 <\/a>for the first time since late 2024. The drop came after billionaire Michael Saylor\u2019s 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<\/a> in months after a strong jobs report was published Friday. Investments in the metals are typically driven by periods of economic uncertainty.<\/p>\n Key Background<\/p>\n Friday\u2019s selloff curbed an otherwise strong month for all major indexes. The S&P 500 traded upward in the previous nine weeks, its longest winning streak since 2023. The Nasdaq is still up 1.5% month-over-month, improving amid the artificial intelligence boom and increased infrastructure spending among tech\u2019s biggest players, which are on pace to spend $750 billion on AI<\/a> this year. Both the S&P 500 and the Nasdaq have jumped at least 7.8% since the start of the year. Nationwide chief market strategist Mark Hackett told CNBC<\/a>, \u201cInvestors had been kind of hovering with their finger over this sell button,\u201d but noted it was \u201cnot necessarily to get out.\u201d <\/p>\n Further Reading<\/p>\n Bitcoin Falls Below $60,000\u2014Erasing Trump-Fueled Rally<\/a> (Forbes)<\/p>\n