Wall Street ended Friday on a down note as rising oil prices and volatility in Big Tech stocks weighed on investor sentiment. The S&P 500 dropped 0.5%, extending its losses from the previous day and setting the stage for a second consecutive week of declines. The Nasdaq also fell 0.1%, while the Dow Jones Industrial Average tumbled 594 points, or 1.1%, by mid-morning trading.
The surge in oil prices played a significant role in the market's decline, with Brent crude oil climbing 2.7% to $116.24 per barrel. This marks a sharp increase from under $97 at the start of October, reaching its highest level since March. The broader market felt the impact, with four out of five stocks in the benchmark index trading lower.
Big Tech stocks continued to swing, with Meta Platforms and Amazon each losing ground. Meta, the parent company of Facebook, fell 0.5%, while Amazon dropped 0.6%. However, gains in Micron Technology (3.5%) and Nvidia (0.3%) provided some counterbalance to the market's downward pressure.
European markets also saw declines, with France's main index falling 0.9%. Meanwhile, U.S. Treasury yields rose slightly after a sharp drop the day before, with the 10-year Treasury yield edging up to 5.00% from 4.96% late Thursday.