The S&P 500 fell 1.67% to 6,375.85 in its fifth consecutive weekly drop, while the Nasdaq Composite declined 2.15% to 20,948.36, entering correction territory after dropping over 10% from its October high. The Dow Jones Industrial Average lost 1.73% to 45,166.64, primarily driven by rising oil prices and concerns in the tech sector.
Brent crude oil surged above $110, rising 7% to finish at $113 per barrel, further impacting market volatility. The CBOE Volatility Index increased by 13% to 31.05, marking its highest level since April. Airlines like Delta Air Lines and United Airlines slipped, while Carnival reported a lowered outlook for 2026, contributing to broader market jitters.
