Tech tumbled as momentum stocks ran into a blowout jobs report and a wave of profit-taking
 

Presented by

Hey Snackers,

Is it 1986 or 2026? As a buzzy biopic moonwalks the King of Pop back into the mainstream, Michael Jackson’s “Billie Jean” recently topped both Spotify’s global streaming chart and the Billboard Global 200 more than 43 years after its initial release. Zooming out, the most listened to songs and artists are increasingly populated by some of the biggest tracks of yesteryear.

Stocks fell sharply on Friday, with the Nasdaq 100 suffering its biggest daily decline since April 2025. The S&P 500 broke its nine-week winning streak, while the Russell 2000 fell as well. All three indexes posted a weekly loss.

Technology was the worst-performing sector by a wide margin, with Technology Select Sector SPDR tumbling as investors rotated into defensive sectors, with consumer staples, utilities, and healthcare all rising, along with real estate.