US stocks slump into the weekend on turmoil with tariffs and tech
Friday was the same as Thursday — only worse.
Stocks tumbled and dip buyers were nowhere to be found, with the lowest share of up volumes across the New York Stock Exchange of this year. The S&P 500 fell just shy of 2%, the Russell 2000 was down 2.1%, and the Nasdaq 100 ended off 2.6%.
The pummeling of megacap tech stocks and tariff-sensitive companies was in focus to end the week. Consumer discretionary, communication services, tech, and industrials were the worst-performing S&P 500 sector ETFs, all down more than 2%.
Credit spreads also hit their widest levels of the year, signaling enhanced fear about a US economic slowdown.
Tesla tumbled as the analyst community warned the electric vehicle maker isn’t immune from tariffs and ahead of Q1 delivery results next week that are expected to be weak.
A fresh push from the US Department of Defense to cut software costs weighed on shares of Palantir.
Crypto-linked stocks like Strategy, Coinbase, and Robinhood sank along with bitcoin in the broad-based risk retreat.
(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)
Lululemon had its worst day in more than a year after issuing a weak full-year sales forecast.
Ubisoft’s plans to spin off some of its major franchises were initially greeted warmly by investors before the stock got caught up in the sell-off and was shellacked.
Airlines continued their retreat, with Delta Air Lines, Southwest Airlines, American Airlines, and United Airlines shedding about $5 billion in value this week.
