U.S. stock markets experienced a significant decline, with the semiconductor sector leading the slide. This downturn was exacerbated by a substantial drop in Netflix's stock, which followed a growth warning from the streaming giant. The combined pressures extended a bruising week for investors focused on technology shares.
Adding to market volatility, oil prices surged due to escalating tensions between the U.S. and Iran. The confluence of a tech sector slump and rising energy costs contributed to a broad-based market selloff.