Wall Street's Slide: Economic Concerns Trigger Major Index Declines

Wall Street's primary indexes continued their downturn into a second consecutive session, poised for weekly declines. Concerns over the economy and inflated tech sector valuations affected investor sentiment. The tech-heavy Nasdaq recorded a nearly 2% drop following warnings of a possible market correction.

The S&P 500 and the Dow Jones Industrial Average were on track for their steepest weekly losses in four weeks, while the Nasdaq faced its most substantial weekly decline since March. Artificial intelligence-driven optimism had previously pushed the market to record highs, but current doubts about tech growth potential have dampened enthusiasm.

Tech giants Nvidia and Broadcom experienced notable declines of 2.8% and 2.2%, respectively. The technology sector and semiconductor index were set for their largest weekly drops in seven months, reflecting a broader unease. Wall Street's fear gauge rose sharply, indicating heightened market volatility.