U.S. equities ended Friday with broad declines, as mega-cap and large-cap stocks led losses across major market segments.
Marvell Technology Group fell 9.92% to lead declines among mega-cap stocks, followed by Kla-Tencor Corp down 4.07%, Applied Materials Inc down 3.74%, GE Vernova LLC down 3.55% and Texas Instruments down 3.36%. The declines occurred as the broader market experienced notable volatility amid mixed sector performance and company-specific developments.
In the large-cap segment, PayPal Holdings Inc dropped 12.43%, extending losses after reports that Advent International and Stripe had abandoned a reported $50 billion takeover bid. The fintech company’s shares have faced persistent pressure in recent sessions, with the withdrawal of the potential deal cited as a key driver of the decline. Iris Energy fell 13.61%, Rubrik declined 11.59%, Hut 8 Mining PK dropped 8.91%, dMY Technology Group III fell 8.67% and Semtech Corp slid 7.87%.
Mid-cap stocks saw mixed performance, with Elastic surging 18.98% after reporting a strong first-quarter earnings beat and issuing an upbeat outlook. The company’s results exceeded expectations, prompting a sharp upward revision in its stock price. Gap Inc rose 12.43%, while TKB Critical Tech 1 fell 11.96%, Churchill Capital declined 10.37%, CleanSpark dropped 9.81% and Ondas slid 9.43%.
Small-cap stocks posted the steepest declines, with MVLL down 20.06%, Canaan Inc falling 15.71%, Willow Lane Acquisition down 15.43%, CONL dropping 15.0%, MSTU sliding 14.59%, MSTX declining 14.44% and Cantor Equity Partners III Inc falling 12.12%. The broad-based weakness across smaller-capitalization stocks reflected heightened risk aversion and sector rotation into larger, more liquid names.
