The Nasdaq composite tumbled 2% on Friday, marking the fourth consecutive weekly decline as a deepening energy crisis rattled markets. Technology stocks bore the brunt of the selloff, with major tech companies seeing significant losses. The index is now approaching correction territory, defined as a 10% drop from recent highs.

Energy markets have been roiled by supply constraints and geopolitical tensions, driving up costs across industries. Investors are increasingly concerned about the impact of higher energy prices on corporate profits and consumer spending. The selloff reflects growing anxiety about stagflation risks, where high inflation combines with economic stagnation.

Friday's decline accelerated in the final hour of trading, with investors rushing to reduce exposure to growth stocks. The broader market also suffered, with the S&P 500 and Dow Jones Industrial Average posting losses. Market volatility has spiked as traders grapple with conflicting signals about the economy's direction and the Federal Reserve's next moves.