A sharp banking selloff gripped Wall Street on Friday, compounding a week dominated by concerns over artificial intelligence-driven economic disruption. Hotter-than-expected producer price data added pressure, clouding the Federal Reserve’s rate-cut path.
By 1:00 p.m. in New York, the Nasdaq 100 was down 0.6%, the S&P 500 fell 0.7%, the Dow Jones Industrial Average tumbled 1.3% and the Russell 2000 declined 2.1%.
Financials led the downturn. Goldman Sachs Group Inc. (NYSE:GS), Wells Fargo & Co. (NYSE:WFC), Bank of America Corp. (NYSE:BAC), Morgan Stanley (NYSE:MS) and Citigroup Inc. (NYSE:C) plunged between 5% and 7%, marking their worst sessions since early April.
The investor anxiety extended to diversified financials. Jefferies Financial Group Inc. (NYSE:JEF) and Western Alliance Bancorp (NYSE:WAL) sank 11%.
Private equity firms traded broadly lower amid impairment fears. Blackstone Inc. (NYSE:BX) dropped 4.58%, Blue Owl Capital Inc. (NYSE:OWL) fell 6.06%, Ares Management Corp. (NYSE:ARES) declined 7.64%, Apollo Global Management Inc. (NYSE:APO) slid 8.61% and KKR & Co. Inc. (NYSE:KKR) lost 7.43%.
In tech, Nvidia Corp. (NASDAQ:NVDA) fell 2.8%, extending Thursday’s 5.4% decline and heading for its worst two-day drop since April.
Netflix Inc. (NASDAQ:NFLX) bucked the trend, rallying 11% after walking away from a bidding war for Warner Bros. Discovery Inc. (NASDAQ:WBD) in a move investors viewed as financially disciplined.
Shares of Paramount Skydance Corp. (NYSE:PSKY) soared 23% after securing a $110 billion takeover of Warner Bros. Discovery. Block, Inc. (NYSE:XYZ) gained 14.85% after announcing major layoffs across Square, Cash App and Afterpay units.
Bitcoin (CRYPTO: BTC) fell 2.6% to $65,000, eyeing its sixth straight weekly loss.
In commodities, oil rose over 2% to above $66 per barrel. Gold gained 1% to $5,235 per ounce. Silver rallied 6% to $93.
Friday’s Performance In Major US Indices, ETFs:
| Major Indices | Price | % Change |
|---|---|---|
| Nasdaq 100 | 24,879.25 | -0.6% |
| S&P 500 | 6,858.46 | -0.7% |
| Dow Jones | 48,835.19 | -1.3% |
| Russell 2000 | 2,621.27 | -2.1% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.7% to $685.85.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 1.3% to $488.35.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) declined 0.6% to $248.79.
- The iShares Russell 2000 ETF (NYSE:IWM) traded 2.1% lower to $262.13.
- The Technology Select Sector SPDR Fund (NYSE:XLK) underperformed, down 1.6%; the Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 1.2%.
Russell 1000’s Top 5 Gainers On Friday
| Stock Name | % Change |
|---|---|
| Dell Technologies Inc. (NYSE:DELL) | +21.22% |
| Block, Inc. (NYSE:XYZ) | +14.85% |
| DENTSPLY SIRONA Inc. (NASDAQ:XRAY) | +13.02% |
| Netflix, Inc. (NASDAQ:NFLX) | +12.11% |
| Double Verify Holdings, Inc. (NYSE:DV) | +9.71% |
Russell 1000’s Top 5 Losers On Friday
| Stock Name | % Change |
|---|---|
| Figure Technology Solutions, Inc. (NYSE:FIG) | -22.33% |
| Duolingo, Inc. (NASDAQ:DUOL) | -17.05% |
| Flutter Entertainment plc (NYSE:FLUT) | -16.82% |
| Elastic N.V. (NYSE:ESTC) | -15.47% |
| Zscaler, Inc. (NASDAQ:ZS) | -14.21% |
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