U.S. markets closed sharply lower Thursday as technology stocks led a broad-based selloff, with the Nasdaq Composite falling 2.39% to 21,345. The S&P 500 dropped 1.79% to 6,477, while the Dow Jones Industrial Average showed relative resilience, declining just 1.04% to 45,959. The Russell 2000 small-cap index fell 1.74% to 2,484, indicating weakness across market capitalizations.
Meta Platforms was the session's biggest decliner among major stocks, plummeting 7.96% to $547.54 amid growing regulatory pressures and concerns about user engagement trends. The social media giant's sharp decline weighed heavily on the technology sector, contributing to the Nasdaq's underperformance. The VIX fear gauge surged to 29.5, reflecting heightened investor anxiety.
Occidental Petroleum bucked the negative trend, rising 4.06% to $64.36 as energy stocks found favor amid higher oil prices. WTI crude oil climbed to $81.25 per barrel, supporting the broader energy sector. Gold reached $4,283 per ounce as investors sought safe-haven assets amid the market turbulence.
The selloff appeared driven by profit-taking in high-growth technology names and broader concerns about market valuations after the recent rally.