Stocks fell sharply on Friday as investors grew increasingly uneasy about the escalating conflict with Iran and its economic consequences, particularly the risk that higher energy prices could stoke inflation and keep interest rates elevated for longer. The S&P 500 declined 1.2%, the Nasdaq Composite dropped 1.5%, and the Dow Jones Industrial Average lost 1.1%.
After a strong run-up, investors locked in profits in the technology sector. Intel fell 5%, while Advanced Micro Devices and Micron Technology slipped 3% and 4%, respectively. Nvidia retreated 2%, and Cerebras Systems dropped 4% after soaring 68% in the previous session following its Nasdaq debut.
Microsoft was a notable outperformer, rising 4% after Bill Ackman disclosed that Pershing Square had taken a position in the company. Boeing shares extended their slide, falling 3% after a nearly 5% drop the previous day, as investors reacted coolly to Trump’s announcement that China had agreed to purchase 200 Boeing jets—a figure viewed as only slightly above prior expectations.
