Topline
Major indexes in the U.S. all fell at least 1.3% on Friday, tumbling as tech stocks took a dive that contributed to a poor day for the Nasdaq, which dropped over 4% amid the selloff.
Key Facts
Surprising Fact
A 10-week streak for the S&P 500 would have marked its longest winning streak since 1985.
Tangent
Bitcoin fell below $60,000 for the first time since late 2024. The drop came after billionaire Michael Saylor’s crypto holding firm announced it would sell 32 bitcoins to raise about $2.5 million in its first sale since December 2022. Gold and silver prices also fell to their lowest prices in months after a strong jobs report was published Friday. Investments in the metals are typically driven by periods of economic uncertainty.
Key Background
Friday’s selloff curbed an otherwise strong month for all major indexes. The S&P 500 traded upward in the previous nine weeks, its longest winning streak since 2023. The Nasdaq is still up 1.5% month-over-month, improving amid the artificial intelligence boom and increased infrastructure spending among tech’s biggest players, which are on pace to spend $750 billion on AI this year. Both the S&P 500 and the Nasdaq have jumped at least 7.8% since the start of the year. Nationwide chief market strategist Mark Hackett told CNBC, “Investors had been kind of hovering with their finger over this sell button,” but noted it was “not necessarily to get out.”
Further Reading
Bitcoin Falls Below $60,000—Erasing Trump-Fueled Rally (Forbes)
