US stocks moved lower on Friday, with the S&P 500 down 1% and the Nasdaq falling 1.6%, both hitting one-month lows, while the Dow Jones dropped about 400 points.
The tech sector remained under heavy pressure as investors grew increasingly concerned about stretched valuations in AI-related stocks and the risk of a bubble. Concerns also mounted that the Fed may hesitate to cut rates next month, after several policymakers expressed skepticism about the need for another reduction.
Market odds of a 25 bps cut in December have fallen to just below 50%, down from nearly 65% earlier in the week. Consumer discretionary and communication services shares were sharply lower. Nvidia slid about 2.7%, Tesla dropped 3.4%, and Applied Materials fell more than 5.5% after reporting earnings and revenue misses.
Verizon, meanwhile, rose 0.5% amid reports the company is considering 20,000 job cuts. For the week, the S&P 500 is up around 0.1%, the Dow has gained roughly 1%, and the Nasdaq is down 0.6%.
Source : Trading Economics
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