New york: The New York Stock Exchange experienced a decline on the last trading day of the week as investors shifted away from technology stocks. The Dow Jones Industrial Average decreased by 0.51%, translating to a drop of 245.96 points, closing at 48,458.05.

According to Anadolu Agency, the Nasdaq Composite Index fell by 1.69%, losing 398.69 points to end at 23,195.17. Meanwhile, the S and P 500 Index decreased by 1.07%, down 73.59 points to 6,827.41. The Volatility Index (VIX), often referred to as the "fear index," rose by 5.99% to reach 15.74.

Specific company performances also contributed to the market's downturn. Oracle's stock, which had reported earnings during the week, fell 11% on Thursday after missing revenue expectations and continued to decline by another 4.5% on Friday. Broadcom's shares, despite announcing better-than-expected profits and revenues after the market closed on Thursday, still dropped by 11.5%.

Other major technology companies faced declines as well, with Nvidia's shares falling by 3.3%, Amazon decreasing by 1.8%, Meta slipping by 1.3%, and both Alphabet and Microsoft seeing a 1% drop in their stock values.

In political developments impacting the market, US President Donald Trump mentioned in an interview with The Wall Street Journal that he was nearing a decision on who would be the next Federal Reserve chair. Trump indicated that he was considering White House National Economic Council Director Kevin Hassett or former Fed Board member Kevin Warsh for the position. He emphasized the importance of the new chair consulting with him on interest rates, expressing his desire for the policy rate to be at 1% or lower within the next year.