Wall Street is in a panic as markets close out the week deep in the red on Friday, and expert investors are citing a reason for the crash that hardly makes sense.

Wall Street is in a panic as markets close out the week deep in the red on Friday, and expert investors are citing a reason for the crash that hardly makes sense.

All three major US stock indexes closed sharply lower, with plunging chip stocks dragging the tech-laden Nasdaq down by its largest one-day percentage loss since last year.

Wall Street's nine-week winning streak ended as tech and chip stocks plunged after strong US jobs data reduced hopes for near-term Fed rate cuts.