Technology stocks reportedly lost more than $1 trillion in value Friday as Brent crude briefly climbed above $110 a barrel, its highest level since May.
The Nasdaq 100 fell 2.5% and stood about 7% below a record reached last week. The S&P 500 declined 1%, while the Russell 2000 dropped 1.6%. The Philadelphia semiconductor index fell 3.8%, extending its losing streak to eight sessions, the longest since 2008.
Brent closed the week at $109.86 a barrel, its highest close since May 19. U.S. crude rose 3.5% Friday to $101.41 a barrel, crossing $100 for the first time since September. Concerns about debt, interest rates and rising oil prices weighed on technology shares.
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