Overview
- The Nasdaq, which fell 2.4% Thursday, has now dropped more than 10% from its Oct. 29 peak and is down nearly 8% this year, confirming a correction.
- The S&P 500 also declined at least 1%, leaving the index on pace for a fifth straight weekly loss.
- Meta tumbled 7.9% after verdicts found it liable for harm to young users, raising fears of big fines and a forced rethink of its advertising model.
- Chipmakers were among the hardest hit as Nvidia fell 4.2% and AMD, Intel, and Micron lost roughly 6% to 8%, deepening pressure on tech-heavy indexes.
- U.S. crude jumped about 4% as hopes for a quick end to the U.S.-Israeli war with Iran faded, a move that can lift gas prices and squeeze household budgets.