Tech stocks erase $1 trillion of wealth as oil surges to $110 for the first time since May

Tech stocks shed more than $1 trillion in value Friday, as the price of oil soared to its highest levels in five months. The Nasdaq 100 index, which tracks most of the country’s largest tech and AI-linked companies, sold off by 2.5% and now sits about 7% below its most recent all-time high — a record it had only notched last week. The S&P 500 dropped 1% and the Russell 2000 index fell 1.6%. The Philadelphia semiconductor index dropped 3.8% for its eight straight day of losses, the longest such streak since 2008. The sharp drop in tech shares came as worries about ballooning debt, high interest rates and rising oil prices all resurfaced.

Brent crude oil, widely considered to be among the most important prices in global energy, surpassed $110 per barrel shortly after 2:30 p.m. ET, its highest level since May. It ended the week at $109.86 per barrel, still its highest closing level since May 19. U.S. crude oil, which also steers gas prices, jumped 3.5% Friday to close at $101.41 per barrel. It was the first time West Texas Intermediate crude had crossed the $100 threshold, closely watched by both traders and the public, since September. The continued upward trend in energy prices increases the likelihood that the Federal Reserve will raise interest rates again this