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Stock market today: Tumbling tech stocks drag Wall Street to the finish line of another losing week

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NEW YORK (AP) — The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week. The S&P 500 dropped 0.9% to close out its third straight losing week.

NEW YORK — The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week.

Nvidia, another stock that has surged to dizzying heights due to Wall Street’s frenzy around artificial-intelligence technology, also gave up some of its big recent gains. It slumped 10% and was the heaviest single weight on the S&P 500, by far, because of its huge size. High rates hurt prices for all kinds of investments. Some of the hardest hit tend to be those seen as the most expensive and which make investors wait the longest for big growth, which can make tech stocks vulnerable.

But Brian Jacobsen, chief economist at Annex Wealth Management, expects inflation to moderate as U.S. households that have become “hypersensitive to price hikes” by businesses begin slowing their spending.

 

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