Wall Street tumbled Friday as rising oil prices, surging bond yields and renewed inflation fears triggered a broad selloff across global markets, with technology stocks leading the decline after months of AI-driven gains. The S&P 500 fell roughly 1% after hitting a record high a day earlier, while the Nasdaq Composite dropped more than 1%. The Dow Jones Industrial Average also slid sharply, losing more than 400 points in morning trading.
AI stocks reverse sharply after huge rally
Technology shares suffered some of the heaviest losses Friday. NVIDIA dropped more than 4%, making it one of the biggest drags on the S&P 500 despite still being up more than 26% this year.
Applied Materials also fell even after posting stronger-than-expected quarterly profit growth fueled by global AI infrastructure demand.
Analysts said the pullback may reflect growing concerns that AI-related stocks had become overheated after months of massive gains.
