Key facts
- Technology stocks experienced a significant sell-off.
- Concerns arose that artificial intelligence enthusiasm had inflated stock prices.
- The S&P 500 closed out its third consecutive losing week.
US stocks experienced their worst day since June on Friday, with a deepening sell-off in technology shares raising concerns that the market's enthusiasm for artificial intelligence had driven prices too high. The S&P 500 fell 1.8%, marking its worst performance since June and extending its losing streak to a third consecutive week. The technology-heavy Nasdaq Composite was the hardest hit, declining 2.9%, while the Dow Jones Industrial Average dropped 572 points, or 1.1%. Despite the sharp downturn, the US stock market remained within 3.1% of its record highs.