U.S. Stocks Close Lower as Nasdaq Composite Drops 5.52%

U.S. stocks ended the latest trading session sharply lower, with the Nasdaq Composite falling 5.52% amid concerns about large cloud companies’ returns on spending. The S&P 500 fell 4.36%, while the Dow Jones Industrial Average declined 3.44%. Before Friday’s session, S&P 500 futures were flat, Dow futures were down 1% and Nasdaq futures were up 1.2%. Brian Mulberry, chief market strategist at Zacks Investment Management, said worries about falling free cash flow at large cloud providers and slower returns from capital spending had added to selling pressure.

Source: TokenPost