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Stock market news today: S&P 500, Nasdaq post sharpest weekly losses since April amid tech rout

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Stocks are facing another rough ride after a global IT outage hit businesses worldwide, with weekly losses in play.

US stocks fell on Friday as more details over a global IT outage trickled in and the major averages failed to recover from a sell-off that saw the Dow snap a run of wins. The S&P 500 fell 0.7% while the tech-heavy Nasdaq Composite declined 0.8%. Both the Nasdaq and S&P 500 posted their worst week since April. The Dow Jones Industrial Average slipped almost 1%.

In the early hours, investors assessed the potential impact of an "unprecedented" failure in computer systems worldwide that grounded flights and hit banks, telecoms and media companies, among others. But concerns eased after CrowdStrike said a fix was in place for the glitch, a botched update that affected Microsoft-based systems. CrowdStrike shares plunged as much as 20% as the outage spread, but pared losses to 11%.

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