US stocks extended losses on Friday as investors dumped technology shares amid rising Treasury yields, persistent inflation concerns, and disappointment over the outcome of the Trump-Xi summit.
The benchmark S&P 500 fell 1%, wiping out nearly $790 billion in market value, while the Nasdaq Composite dropped 1.3%, erasing around $500 billion. The Dow Jones Industrial Average also slid 515 points, or 1%.
Markets had opened sharply lower earlier in the session, with nearly $1 trillion briefly wiped out from US equities within minutes of the opening bell as investors reacted to surging bond yields and inflation fears.
Technology and semiconductor stocks led the decline, pressuring Wall Street’s AI-driven rally. Intel Corporation plunged 6%, while Advanced Micro Devices and Micron Technology lost 3% and 5%, respectively. NVIDIA Corporation fell 3%, dragging the Philadelphia Semiconductor Index down 4%.
Analysts said investors were increasingly taking profits after the sector’s massive rally in recent months. Adam Crisafulli of Vital Knowledge described the run-up in tech shares as “extremely unsustainable,” warning that the sector had become vulnerable to a sharp pullback.
Investor sentiment also weakened as Treasury yields climbed to multi-month highs. The yield on the 30-year US Treasury bond crossed 5.1%, its highest level in nearly a year, after recent economic data pointed to stubborn inflation pressures.
Oil prices added to concerns after escalating tensions in the Middle East pushed crude sharply higher. US West Texas Intermediate crude rose 3% to around $104 per barrel, while Brent crude climbed close to $109 after President Donald Trump warned Iran that the US would not remain patient over stalled negotiations.
The rise in both oil prices and bond yields intensified fears that inflation could threaten the AI-fueled rally that recently pushed the S&P 500 above 7,500 and helped the Dow reclaim the 50,000 mark.
Markets were also disappointed by the conclusion of the Trump-Xi summit, which ended without any major trade or economic breakthrough. Although both sides reportedly agreed to maintain stability around the Strait of Hormuz, investors viewed the talks as lacking meaningful progress.
The Boeing Company shares dropped another 2% after falling nearly 5% in the previous session, despite Trump stating that China would purchase 200 Boeing aircraft — a figure investors considered largely in line with expectations.
Crypto-linked stocks also came under pressure amid the broader selloff. Coinbase Global fell 8%, while Strategy Incorporated declined 6% as Bitcoin slipped below the $80,000 level.
Despite the broader market weakness, Microsoft Corporation bucked the trend and rose 3% after billionaire investor Bill Ackman disclosed that Pershing Square had built a position in the company.
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