Wall Street Today: S&P 500, DJIA Fall, Nasdaq Comp Sheds 4%+ as AMD, INTC, MRVL, MU, NVDA, TSLA Sink

The Dow-30 and S&P 500 fell Friday, while the Nasdaq Composite sank some 4% – its worst one-day percentage drop since April 2025 – as AMD, Intel, Marvell, Micron, Broadcom, Nvidia and other tech stocks tanked.

The $Nasdaq Composite Index (.IXIC.US)$ lost 25,709.43 (4.2%) to a 25,709.43 close – the largest one-day percentage decline for the index in some 14 months.

The $S&P 500 Index (.SPX.US)$ likewise shed 200.57 ticks (2.6%) to 7,383.74, while the $Dow Jones Industrial Average (.DJI.US)$ gave up 695.15 points (1.4%) to 50,866.78.

The pullbacks marked sharp reversals for the three indexes, which all hit record highs earlier this week.

However, the key market indicators fell on Friday amid weakness for chip/semiconductor stocks. Many began pulling back on Thursday from recent record highs following poorly received earnings from Broadcom.

Chip- and semi-related stocks to sink on Friday included $Marvell Technology (MRVL.US)$ (16.7% softer), $Micron Technology (MU.US)$ (off 13.3%), $SanDisk (SNDK.US)$ (11.4% lower), $Intel (INTC.US)$(11.3% weaker), $Arm Holdings (ARM.US)$ (down 12.8%) and $Advanced Micro Devices (AMD.US)$ (which shed 10.9%).

Other chip-themed stocks to fall by smaller percentage amounts included $Broadcom (AVGO.US)$ (which lost another 7.9% after shedding 12.6% Thursday), $Taiwan Semiconductor (TSM.US)$ (6.7% weaker) and $NVIDIA (NVDA.US)$ (which gave up 6.2%).

The sell-off spread to other tech sectors as well. Large percentage decliners elsewhere in Big Tech included $Nokia Oyj (NOK.US)$ (off 13.5%), $Applied Optoelectronics (AAOI.US)$ (down 12.8%), $NEBIUS (NBIS.US)$ (12.3% softer), $IREN Ltd (IREN.US)$ (12.1% lower) and $Oracle (ORCL.US)$ (down 9.6%).

Lesser percentage losers among non-chip techs included $Lumentum (LITE.US)$ (8.6% weaker), $CoreWeave (CRWV.US)$ (down 7.1%), $Tesla (TSLA.US)$ (off 6.6%), $Meta Platforms (META.US)$ (5.5% weaker on a Financial Times report of a possible large secondary share offering) and $Cisco (CSCO.US)$ (which shed 6.4%).

Many of the affected stocks had hit all-time highs as recently as Wednesday following positive recent news for tech giants like $Micron Technology (MU.US)$, $IBM Corp (IBM.US)$, $Dell Technologies (DELL.US)$ and $Snowflake (SNOW.US)$.

However, some on Wall Street saw Friday's steep declines as profit-taking from tech stocks' recent run-ups.

Adding to Friday's dour mood, cryptocurrencies sank in a risk-off move that followed Big Tech's declines, with Bitcoin briefly hitting its lowest level since October 2024.

$Bitcoin (BTC.CC)$ sank as much as 7.3% on some markets to a $59,156.43 session low before partly recovering to trade at $61,195.03 as of about 4:45 p.m. New York time, down 3.9% on the day.

$Ethereum (ETH.CC)$ likewise shed 10% to $1,598.44 as of that hour, while $Solana (SOL.CC)$gave up 7% to $64.38 and $Ripple (XRP.CC)$lost 5.5% to $1.11.

In economic news, the U.S. Labor Department reported before the bell that the American economy created a seasonally adjusted 172,000 non-farm jobs in May – far better than the 80,000 economists had expected.

That further dampened hopes that the federal Reserve – which raises and lowers rates to maximize employment and minimize inflation – will order a stocks-friendly rate cut any time soon.

Moo-vers

The "Magnificent Seven" stocks followed the broad market's lead and all fell on Friday.

$Tesla (TSLA.US)$, $NVIDIA (NVDA.US)$ and $Meta Platforms (META.US)$ led the way lower with their previously noted declines of 6.6%, 6.2% and 5.5%, respectively.

Other Mag-7 decliners included $Amazon (AMZN.US)$ (off 3.1%), $Microsoft (MSFT.US)$ (2.7% lower), $Apple (AAPL.US)$ (which shed 1.3%) and $Alphabet-A (GOOGL.US)$ (down 1%).

Beyond the Mag-7, Friday's other significant percentage decliners included:

-- Select space stocks, which continued to trade up and down on various catalysts after many firms hit all-time highs last week. $Planet Labs PBC (PL.US)$ led the way downward Friday, falling 26% after plans to offer as much as $1.5 billion of fresh shares outweighed the release of better-than-expected quarterly results. Other space stocks to fall Friday included $Redwire (RDW.US)$ (off 13.9%), $AST SpaceMobile (ASTS.US)$ (12.8% weaker) and $Rocket Lab (RKLB.US)$ (down 8.2%).

-- $Quantinuum (QNT.US)$, which fell 6.8% to $56.26 in its second trading day following an initial public offering that priced at $60 a share. The quantum-computing stock briefly rose 18.9% to a $71.35 high on Thursday before ending its first session just 0.6% higher at $60.36.

-- $IonQ Inc (IONQ.US)$, down 13.5%. The quantum-computing stock fell in apparent sympathy with QNT's lackluster performance.

-- Certain crypto-related stocks, which sank on cryptocurrencies' Friday declines. Losers included $Circle (CRCL.US)$ (off 11.3%), $Bitmine Immersion Technologies (BMNR.US)$ (down 11.1%), $Coinbase (COIN.US)$ (7.2% weaker), $Strategy (MSTR.US)$ (6.9% lower) and $Robinhood (HOOD.US)$ (which gave up 6.6%).

Meanwhile, Friday's noteworthy percentage winners included:

-- $Solidion Technology (STI.US)$, up 57.3%. The battery firm soared after unveiling an extreme-climate battery platform designed for use in space on applications such as future orbiting data centers.

-- Select non-tech DJIA components, which rose in an apparent investor shift away from Big Tech. Gainers included $Procter & Gamble (PG.US)$ (up 5.8%), $Coca-Cola (KO.US)$ (3.5% better) and $The Travelers Companies (TRV.US)$ (which added 3.4%).

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