(Bloomberg) — U.S. stocks bounced back from a sharp selloff but still closed at a two-week low as megacap tech shares sold off.
Losses for Amazon.com, Microsoft Corp. and Facebook Inc. pushed the tech-heavy Nasdaq 100 down more than 5% at one point, though it pared those declines to just over 1% as the day wore on and investors spotted bargains. Gains in financial shares limited losses in the S&P 500 Index, which ended the week down 2.3% at the lowest level since Aug. 21.
Treasury yields jumped while the dollar slipped. Oil fell below $40 a barrel to reach the lowest since late June.
The worst of Friday’s stock selloff appeared to stem from concern that the recent run-up in tech shares wasn’t tied to broad investor sentiment, but instead was driven by outsize options trades from one firm. The Financial Times reported that SoftBank bought billions