The Standard & Poor's 500 fell 0.7% to close its first losing week in the last three and its worst since April. The Dow Jones industrial average dropped 377 points, or 0.9%, while the Nasdaq composite sank 0.8%. It was only on Tuesday that the S&P 500 set its latest all-time high. At first, pressure built on the Big Tech stocks that have been the market’s biggest winners, amid criticism they simply grew too expensive.
“The markets are going to forgive them, the customers are going to forgive them, and this will blow over.” CrowdStrike’s stock trimmed its loss somewhat through the day, but it still turned in its worst performance since 2022. Stocks of rival cybersecurity firms climbed, including a 7.8% jump for SentinelOne and a 2.2% rise for Palo Alto Networks. The outage affected check-in procedures at airports around the world, causing long lines of frustrated fliers. That initially helped pull down U.S.