Investing.com – The Nasdaq Composite declined in another volatile session on Friday as the ongoing sell-off in Big Tech shares dragged the index to its worst week in months.
The Nasdaq fell 0.6% to 10,853.55, its lowest level since August 11.
The S&P 500 eked out a small gain, with the benchmark index ending up about 0.1% on the day at 3,340.97. Meanwhile, the Dow Jones Industrial Average closed up 130 points, or 0.5%, at 27,665.64.
All three of the major averages posted steep declines for the week.
The Nasdaq slumped 4.1% to notch its biggest weekly fall since March. The S&P 500 had its worst one-week performance since June, dropping 2.5%. The Dow meanwhile lost 1.7%.
Shares of the major tech companies continued to struggle, with Tesla (NASDAQ:TSLA) plunging 10.9% this week and Apple (NASDAQ:AAPL) tumbling 7.4%. Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN) each lost more than 5%, while Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) were both down more than 4%.
The six biggest tech stocks briefly lost more than $1 trillion in their collective market cap at one point this week, sparking fears over the tech bubble.
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Source: Economy - investing.com
