U.S. stocks fall this week on tech crisis

The S&P 500 (^GSPC) closed with its worst week since April as technology sold off. The broad index fell 0.7% on Friday, losing nearly 2% for the week.

U.S. stocks fell on Friday as more details emerged about a global IT outage and the major averages failed to recover from a sell-off in the previous session, prompting the Dow to post a series of gains.

The S&P 500 (^GSPC) fell 0.7%, while the tech-heavy Nasdaq Composite (^IXIC) fell 0.8%. Both the Nasdaq and S&P 500 posted their worst weeks since April. The Dow Jones Industrial Average (^DJI) fell nearly 1%.

Stocks fell after a shaky handful of sessions in which technology took a dive, with AI-focused chip stocks bearing the brunt. Investors are shifting away from the tech heavyweights that fueled the recent rally and into small caps, which some see as more likely to benefit from rate cuts.

In the early hours, investors were assessing the potential impact of an “unprecedented” global computer system outage that grounded flights and hit banks, telecoms and media companies, among others. But concerns eased after CrowdStrike (CRWD) said a fix had been made for the outage, a botched update that hit Microsoft-based (MSFT) systems.

CrowdStrike shares fell as much as 20% as the outage spread, but limited their losses to 11%. Shares of Microsoft — which has been working on issues with its Azure cloud services — fell less than 1%.

Meanwhile, Republican presidential candidate Donald Trump used his nomination speech on Thursday to say he would “end the electric vehicle mandate on day one.” His comment comes as the market wakes up to the “Trump trade” — the implications of his policies for assets once the former president enters the White House.

Investors will get fresh insight into the state of consumers and the economy next week as more earnings reports roll in, including quarterly results from beverage giant Coca-Cola (KO), delivery service UPS (UPS) and electric vehicle maker (TSLA).

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S&P 500, Nasdaq fall this week on tech crisis

The S&P 500 (^GSPC) closed with its worst week since April as technology sold off.

The broad index fell 0.7% on Friday, losing nearly 2% for the week. The tech-heavy Nasdaq Composite (^IXIC) fell 0.8%.

The Dow Jones Industrial Average (^DJI) fell nearly 1% on Friday, but still ended the week on a positive note.

Technology stocks led the sell-off as investors continued to pivot away from the space. Chips came under renewed pressure, ending the week with heavy losses.

On Friday, investors were assessing the impact of an “unprecedented” outage in computer systems running CrowdStrike (CRWD) and Microsoft-based (MSFT) platforms. The global IT outage affected a wide range of entities, including airlines and hospitals. CrowdStrike CEO George Kurtz said a fix was in the works for the outage.

More earnings numbers are coming next week, as snack and beverage giant Coca-Cola (KO), delivery service UPS (UPS) and electric vehicle maker (TSLA) all report quarterly results.

Oil price drops 3%, gains from earlier in the week disappear

Crude oil fell 3%, erasing gains made earlier in the week.

West Texas Intermediate (CL=F) closed at $80.13 a barrel, while Brent (BZ=F), the international benchmark price, fell to just above $82.63 a barrel.

A higher dollar and a lack of details on stimulus measures for China, the world’s largest buyer of crude oil, weighed on futures on Friday.

Earlier this week, oil prices rose after US inventories fell more than expected.

Bitcoin Surges to $66,000 Per Token

While other asset classes fell on Friday, bitcoin (BTC-US) rose more than 4% to around $66,000 per token.

Crypto-related stocks also rose during the session, with Riot Platforms (RIOT), MicroStrategy (MSTR) and Coinbase (COIN) each up at least 10%.

Chip stocks fall again, week expected to end with heavy losses

Chip stocks fell on Friday, ending the week with a heavy loss.

Nvidia (NVDA) fell more than 2% during the session. The AI ​​heavyweight is on track to close the week with losses of more than

Chip equipment maker ASML (ASML) also fell on Friday, down 17% over the past five sessions.

The semiconductor selloff went into full swing earlier this week as geopolitical headwinds mounted. Investor concerns were heightened by a report about the possibility of tighter U.S. restrictions on semiconductor technology exports to China.

Recent comments by former President Donald Trump during an interview with Bloomberg about Taiwan, a major chip production hub, also contributed to the sell-off.

Chip losses in the last 5 sessions, up

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