The U.S. stock market fell from its records and joined a worldwide drop for stocks after higher oil prices sent a shiver through the bond market.
The S&P 500 fell 1.2% Friday from its all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite sank 1.5% from its own record.
Technology stocks led the market lower, particularly AI winners. They had shot so high that some critics said they had gone too far. Yields jumped in the bond market on worries about how much rising oil prices will worsen inflation. The 30-year Treasury yield is back to where it was in 2007.
On Friday:
The S&P 500 fell 92.74 points, or 1.2%, to 7,408.50.
The Dow Jones Industrial Average fell 537.29 points, or 1.1%, to 49,526.17.
The Nasdaq composite fell 410.08 points, or 1.5%, to 26,225.14.
The Russell 2000 index of smaller companies fell 69.79 points, or 2.4% to 2,793.30.
For the week:
The S&P 500 is up 9.57 points, or 0.1%.
The Dow is down 82.99 points, or 0.2%.
The Nasdaq is down 21.93 points, or 0.1%.
The Russell 2000 is down 67.91 points, or 2.4%.
For the year:
The S&P 500 is up 563 points, or 8.2%.
The Dow is up 1,462.88 points, or 3%.
The Nasdaq is up 2,983.15 points, or 12.8%.
The Russell 2000 is up 311.39 points, or 12.5%.