The U.S. stock market had its worst day since October Friday as a sell-off in big technology companies weighed down the broader market and a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year.
- The Dow fell 695.15 points, or 1.3%, to 50,866.78, ending the week down 0.3%.
- The S&P 500 fell 200.57 points, or 2.6%, to 7,383.74, falling 2.6% for the week.
- The Nasdaq fell 1,121.53 points, or 4.2%, to 25,709.43, for a drop of 4.7% for the week.
Tech stocks dragged the broader market lower as companies that had powered the S&P 500 to a series of records the past two months saw losses, the AP reports. Nvidia fell 6.2%, Broadcom dropped 7.9%, and Micron Technology slid 13.3% for the biggest loss among stocks in the S&P 500. Shares in Meta fell 5.5% following a published report that the social media giant may seek to do a new stock offering to raise funds for spending on AI infrastructure. Stocks within the S&P 500 were not far from being evenly split between gainers and losers. But many of the bigger tech stocks have pricey values that tend to have an outsize influence on the broader market.
The price of Brent crude, the international standard, fell 2% to settle at $93.09. It was about $70 per barrel before the war. The surge in oil prices prompted a jump in gasoline prices. That has fueled a broader rise in inflation as prices for anything being shipped move higher and threaten to slow economic growth. A measure of inflation preferred by the Fed showed that prices rose 3.8% overall in April. That marked the biggest increase in two years.
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