Macro Finance
Tech stocks erase $1 trillion of wealth as oil surges to $110 for the first time since May
NBC Business·October 16, 2026·1 min read
Tech stocks shed more than $1 trillion in value on Friday as oil prices soared to their highest levels in five months, reaching $110 per barrel. The surge in crude, driven by ongoing geopolitical tensions, triggered a broad selloff in technology shares, erasing significant market wealth in a single day of trading.
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