US market update: Nasdaq drops 2.15% as tech shares slide on Friday

US stock markets ended Friday's session (16 October) in the red, with technology shares weighing most heavily. The Nasdaq Composite fell further than the S&P 500 and the Dow Jones. US markets are closed for the weekend, so the figures below are Friday's closing levels.

Indices

• S&P 500: closed at 7,659.44, down 1.09%
• Dow Jones: closed at 52,002.41, down 0.34%
• Nasdaq Composite: closed at 26,140.03, down 2.15%
• GBP/USD: sterling was at $1.3330, up 0.43%. That means the pound has gained against the dollar, which slightly reduces the sterling value of US holdings for UK investors.

Stock movers

Apple was the only riser among the stocks we track:

• Apple: closed at $343.46, up 0.43%

The rest of the stocks we track closed lower:

• Meta Platforms: closed at $709.33, down 3.72%. This was the steepest fall among the stocks we track.
• Alphabet: closed at $340.59, down 2.47%
• Tesla: closed at $354.72, down 2.13%
• Microsoft: closed at $529.05, down 1.93%
• Amazon: closed at $250.00, down 1.87%
• Nvidia: closed at $214.13, down 1.43%

In the news

• Headlines describe a "brutal week" for tech, with reports saying investors were worried about the AI buildout.
• Reports say the S&P 500's recent record breakout has reversed as investors sold recent winners. The same reports say most of the index's stocks still finished the week higher.
• Separately, headlines report that Tesla has unveiled a new vehicle described as a flying car using rocket technology.

In short, US shares closed lower on Friday, with tech-focused names and the Nasdaq falling most among the markets we track.

Figures are indicative and may be delayed. This is general information, not advice.