Bank, Private-Equity Stock Rout Deepens As AI Fears Mount: What's Moving Markets Friday?

A sharp banking selloff gripped Wall Street on Friday, compounding a week dominated by concerns over artificial intelligence-driven economic disruption. Hotter-than-expected producer price data added pressure, clouding the Federal Reserve's rate-cut path. By 1:00 p.m. in New York, the Nasdaq 100 was down 0.6%, the S&P 500 fell 0.7%, the Dow Jones Industrial Average tumbled 1.3% and the Russell 2000 declined 2.1%. Fi…