Key facts
- The Nasdaq Composite recorded its largest one-day point drop in history, falling more than 1,121 points.
- The S&P 500 lost an estimated $1.8 trillion in market value.
- The selloff occurred after a two-month rally in major stock indexes.
Major stock market indexes experienced a significant downturn on Friday, marking a reversal after a two-month rally. The Nasdaq Composite saw its largest single-day point drop on record, plummeting more than 1,121 points. Concurrently, the S&P 500 experienced a substantial loss, with an estimated $1.8 trillion in market value erased. This selloff represents the first major setback for the indexes after a period of consistent gains.