White House · S&P 500 · China · Donald Trump · Elon Musk · Federal Reserve (FED) · NBC News Tech
Tech stocks erase $1 trillion of wealth as oil surges to $110 for the first time since May
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Tech stocks shed more than $1 trillion in value Friday, as the price of oil soared to its highest levels in five months.
Key facts
- Brent crude oil, widely considered to be among the most important prices in global energy, surpassed $110 per barrel shortly after 2:30 p.m
- The Nasdaq 100 index, which tracks most of the country’s largest tech and AI-linked companies, sold off by 2.5% and now sits about 7% below its most recent all-time high, a record it had only notched
- The S&P 500 dropped 1% and the Russell 2000 index fell 1.6%
- A day before Friday’s sell-off, Ed Yardeni, a highly regarded market analyst, cut his year-end S&P 500 target to 7,900, down from 8,400, over what he said was rising investor caution
Summary
The Nasdaq 100 index, which tracks most of the country’s largest tech and AI-linked companies, sold off by 2.5% and now sits about 7% below its most recent all-time high, a record it had only notched last week. The S&P 500 dropped 1% and the Russell 2000 index fell 1.6%. The sharp drop in tech shares came as worries about ballooning debt, high interest rates and rising oil prices all resurfaced. Brent crude oil, widely considered to be among the most important prices in global energy, surpassed $110 per barrel shortly after 2:30 p.m.