U.S. stocks fell on Friday as more details emerged about a global IT outage and major averages failed to recover from a selloff that saw the Dow Jones snap a winning streak.
The S&P 500 (^GSPC) fell 0.7%, while the tech-heavy Nasdaq Composite (^IXIC) fell 0.8%. Both the Nasdaq and the S&P 500 had their worst week since April. The Dow Jones Industrial Average (^DJI) fell about 1%.
Stocks fell after a handful of choppy sessions that saw tech stocks fall, with artificial intelligence-focused chip stocks bearing the brunt. Investors are moving away from the heavyweight tech companies that fueled the recent rally toward smaller-cap companies, which some see as benefiting more from interest rate cuts.
In the early hours of the morning, investors were assessing the potential impact of an “unprecedented” failure of computer systems around the world that has grounded flights and hit banks, telecoms, media companies and more. But concerns were eased after CrowdStrike (CRWD) said there was a fix for the bug, a botched update that affected systems that relied on Microsoft (MSFT).
Shares of CrowdStrike fell about 20% as the outage spread, but they pared their losses to 11%. Shares of Microsoft, which has been working to fix issues with its Azure cloud services, fell less than 1%.
Meanwhile, Republican presidential candidate Donald Trump used his nomination speech on Thursday to say he would “end the electric vehicle mandate on day one.” His comment comes as the market wakes up to the “Trump deal” — the consequences his policies would have on assets if the former president takes over the White House.
Next week, investors will get another glimpse into the state of the consumer and the economy when more earnings arrive, including quarterly results from beverage giant Coca-Cola (KO), delivery service UPS (UPS) and electric-car maker TSLA (TSLA).
Live coverage has ended.12 updates
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Bitcoin price rises to $66,000 per coin
As other asset classes fell on Friday, Bitcoin (BTC-US) rose more than 4% to hover around $66,000 per coin.
Cryptocurrency-related stocks also rose during the session, with Riot Platforms (RIOT), MicroStrategy (MSTR) and Coinbase (COIN) all rising by at least 10%.
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Chip stocks are down again, set to end the week with heavy losses.
Shares of chipmakers fell on Friday, ending the week in the red.
Nvidia (NVDA) shares fell more than 2% during the session. The artificial intelligence giant is on track to end the week with losses of more than 8%.
Chip equipment maker ASML also fell on Friday, on track to post a 17% decline over the past five sessions.
The sell-off in semiconductors peaked earlier this week as geopolitical headwinds set in. Investors were increasingly concerned about a report that the U.S. could impose tighter restrictions on semiconductor exports. semiconductor technology To China.
Recent comments by former President Donald Trump during a Bloomberg interview about Taiwan, a major chip manufacturing hub, also helped spur the selloff.
![Chip losses over the past five sessions, as of 1:45 p.m. ET Friday]()
![Chip losses over the past five sessions, as of 1:45 p.m. ET Friday]()
Chip losses over the past five sessions, as of 1:45 p.m. ET Friday -
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Nvidia, Tesla lead losses on Nasdaq 100
The Nasdaq 100 (^NDX) fell to a session low, down about 1% on Friday.
Shares of electric car maker Tesla (TSLA) fell more than 4% while shares of chipmaker Nvidia (NVDA) fell more than 2%.
Other semiconductors also fell, with Intel (INTC) down more than 5% and ASML (ASML) down 3%.
![The Nasdaq 100 was down about 1% by 1:00 p.m. ET on Friday.]()
![The Nasdaq 100 was down about 1% by 1:00 p.m. ET on Friday.]()
The Nasdaq 100 was down about 1% by 1:00 p.m. ET on Friday. -
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