US stocks rocked by late-week swoon in tech giants

In another session of slim trading volume — which tends to amplify moves — the S&P 500 lost 1.1% and the Nasdaq 100 slipped 1.4%. While every major industry succumbed to Friday’s slide, megacaps bore the brunt of the selling on Wall Street. That’s after a torrid surge that saw the “Magnificent Seven” tech giants account for more than half of the US equity benchmark’s performance in 2024.