The New York Stock Exchange finished Friday’s session with solid losses, extending a late-week retreat driven largely by investor rotation away from heavyweight technology shares.
The Dow Jones Industrial Average slipped 0.51%, shedding nearly 246 points to close at 48,458.05. The S&P 500 declined 1.07% to 6,827.41, while the tech-heavy Nasdaq suffered the sharpest drop, falling 1.69% to end the day at 23,195.17.
Market unease was reflected in a rise in the Volatility Index (VIX), often referred to as Wall Street’s “fear gauge,” which climbed nearly 6% to 15.74.
Technology stocks bore the brunt of the sell-off. Oracle shares continued their downward slide, falling another 4.5% after losing more than 11% a day earlier, as investors reacted to weaker-than-expected revenue figures. Broadcom also tumbled 11.5%, despite reporting earnings and revenue that exceeded forecasts, suggesting heightened sensitivity to valuations across the sector.
Other major tech names also ended lower, with Nvidia dropping 3.3%, Amazon losing 1.8%, Meta slipping 1.3%, and both Alphabet and Microsoft declining around 1%.
Adding to market uncertainty, US President Donald Trump said he was close to naming the next chair of the Federal Reserve, with White House National Economic Council Director Kevin Hassett and former Fed Board member Kevin Warsh among the leading candidates. Trump reiterated his view that interest rates should move sharply lower, saying he wants the benchmark policy rate at 1% or below within a year and expects closer coordination between the Fed and the White House.
The comments fueled speculation over the future direction of US monetary policy, contributing to cautious sentiment as investors head into the new trading week.
Source: Newstimehub
