Megacap tech slump drags S&P 500 deep into the red

Major indexes extended losses after President Donald Trump said he would be announcing reciprocal tariffs on “everyone” sometime next week. The S&P 500 fell 0.9% while the Nasdaq 100 and Russell 2000 were both down over 1%. For the week, the benchmark US index posted a modest retreat.

Every S&P 500 sector ETF declined on Friday but one (energy), with consumer discretionary and materials at the top of the loserboard.

Amazon slumped despite racking up record sales, as the company’s guidance for the current quarter came in below analysts’ estimates. Barring a big sales surprise from Walmart later this month, the e-commerce giant is slated to top the S&P 500 leaderboard for revenue generation. It was a rough day for the Magnificent 7, with only Meta and Nvidia gaining and the rest down at least 1%.

Expedia was the top S&P 500 stock, ripping higher after reporting higher-than-expected bookings and revenue growth, results that also gave a lift to its peers. Video game company Take-Two Interactive wasn’t too far behind, ramping as its loose plan to release the highly anticipated “Grand Theft Auto VI” this fall remains intact.

AI on the cheap is working out for Pinterest, whose shares soared after applying the new technology helped bolster the company’s earnings outlook.

Shares of Uber rocketed higher after Pershing Square’s Bill Ackman revealed a stake of more than $2 billion in the ride-hailing app.

Alibaba had a strong session amid rumors that the Chinese e-commerce firm was taking a big stake in DeepSeek, and held a good chunk of its gains even after management denied that report.

Weed company Canopy Growth cratered after reporting a much larger loss than analysts anticipated.