On Friday, U.S. stocks continued their decline for the second session: the S&P 500 and Nasdaq fell by 0.7% and 0.8%, respectively, while the Dow Jones closed 377 points lower. Investors continued to take profits after recent record highs in major indexes. Additionally, after an already turbulent week, concerns were heightened by a global IT systems outage affecting services from airlines to banks. The outage was reportedly caused by an update from CrowdStrike (down 11.1%), which created issues with Microsoft's Windows (down 0.7%). In terms of earnings, Netflix fell by 1.5% despite strong earnings and revenue figures. American Express dropped by 2.7% even after reporting second-quarter earnings that exceeded analysts' estimates. For the week, the S&P 500 fell by 2.3%, marking its worst week since April, and the Nasdaq dropped by 4.2%, ending a six-week winning streak amid a general rotation towards small-cap stocks due to prospects of imminent Fed rate cuts and concerns over U.S. trade restrictions on China. In contrast, the Dow rose by 0.3%.