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Stocks collapsed Friday, as Wall Street wrapped up the week defined by a rotation out of this year’s megacap winners in favor of smaller names.
The Dow Jones Industrials cratered 377.59 points to 40,287.43
The S&P 500 index faded 39.5 points to 5,505.09.
The NASDAQ dipped 144.28 points to 17,726.94.
The S&P 500 has dropped 2%, on pace for its worst week since April. The NASDAQ has slipped more than 3%, which would also be its biggest weekly loss since April and snap a six-week win streak. On the other hand, the Dow is around 0.6% higher.
Friday’s moves mark another day of declines across the board. But a shift toward names viewed as bigger beneficiaries of interest rate cuts from the Federal Reserve, like small caps, still appears to be theme of the week.
Those moves comes after stocks declined across the board on Thursday, with the Dow falling more than 500 points to snap a six-day winning streak. Despite Thursday’s broad selloff, a market rotation toward names viewed as bigger beneficiaries of lower interest rates, like small caps, still appears to be theme of the week.
The S&P 500 has dropped more than 1%, on pace for its worst week since April. The NASDAQ has slipped close to 3%, putting a six-week winning streak at risk. On the other hand, the Dow is more than 1% higher.
CrowdStrike tumbled more than 8% following a major information technology outage that impacted business around the world. The New York Stock Exchange and NASDAQ both said trading did not appear impacted.
Prices for the 10-year Treasury waned, raising yields to 4.24% from Thursday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices slipped $2.53 at $80.29 U.S. a barrel.
Gold prices flopped $54.50 to $2,401.90
