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Tech Stock Rally Loses Steam in Late-Day Selloff: Closing Bell
Posted
October 3, 2025
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October 3, 2025
674
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10:04Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
The rally in tech stocks took a breather Friday, pulling back from this week’s record highs. AI optimism was countered by President Donald Trump’s warning to Hamas and signs of a weakening economy as a US government shutdown extended into its third day. The dollar slumped.
The Nasdaq 100 fell 0.4%. Palantir Technologies Inc. was among the biggest decliners, the stock tumbled 7.5% after a report that the defense firm’s battlefield communications system was seriously flawed, a claim the company refuted. Despite late-day weakness, the S&P 500 eked out a fractional gain, leaving intact its longest winning streak since July. The broader market gauge has now gone 114 trading sessions without a 5% pullback.
President Trump warned of stark consequences if Hamas doesn’t agree to his plan to end the war in Gaza. Shortly before markets closed in New York, Hamas agreed to meet some of those terms, including a release of hostages, ahead of a Sunday deadline. During a White House briefing Press Secretary Karoline Leavitt reiterated the administration’s plan to layoff government workers and pull funds from Democratic strongholds, like Portland, Oregon.
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