A sell-off for tech stocks got even worse on Friday on worries that Wall Street’s frenzy around artificial intelligence technology sent prices too high.
The S&P 500 tumbled 1.8 per cent for its worst day since June, and it closed out a third straight losing week. The weakness for technology stocks dragged the Nasdaq composite down a market-leading 2.9 per cent, while the Dow Jones Industrial Average dropped 572 points, or 1.1 per cent.
The US stock market remains only 3.1 per cent below its all-time high, which has boosted the value of workers’ 401(k) accounts, but it has become increasingly shaky as Tuesday’s midterm elections in the US approach.