Wall Street experienced a significant downturn on Friday, with all three major indexes closing lower amid a sharp selloff in technology and consumer discretionary stocks. The Dow Jones Industrial Average (DJI) decreased by 406.55 points (0.8%) to finish at 52,146.42. The Nasdaq Composite dropped 361.7 points (1.4%) to close at 25,520.24, while the S&P 500 fell by 76.08 points (1%) to end at 7,457.69.
Key market trends included a 12.2% increase in the CBOE Volatility Index (VIX), rising to 18.77, and total trading volume of 17.55 billion shares, below the 20-session average of 20.87 billion. This decline was attributed to concerns over AI-driven stocks and geopolitical tensions involving Iran, leading to reduced risk appetite among investors, which was reflected in a 2.9% decline in the Nasdaq for the week.
In economic data, housing starts in June rose to 1,427,000, and a report from the University of Michigan indicated a preliminary consumer sentiment index increase to 54.4 in July from 49.5 in June. Industrial production edged up by 0.1% in June while capacity utilization remained steady at 76.1.
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