Stocks fell across the board Friday. All 11 sectors of the S&P 500 were lower, with shares of technology and communication services stocks among the biggest decliners. Investors have retreated from shares of technology-driven companies this year because the Fed’s rapid interest-rate increases have made many less willing to pay more for companies’ future earnings.
Facebook parent Meta Platforms, Amazon.com, Apple and Netflix all fell at least 3.7%.
Shares of banks and transportation companies, which are sensitive to the economic outlook, also slumped. Many investors fear that the Fed’s rate increases will hurt corporate profits.