The Four Forces Behind Friday's Selloff

A lot of retail investors woke up Saturday thinking Friday was the start of a crash.

I don’t blame them.

The Nasdaq closed down 4.18%, its worst session since April 2025.

The S&P fell 2.64%.

The Russell 2000 dropped 3.47%.

Marvell plunged 16%. Micron fell 13%. Intel and AMD both dropped 11%.

The VIX surged 40%

The 30-year Treasury yield closed back above 5%.

Overnight, Korea’s KOSPI sank 5.5%, dragging Samsung down 6.4% and SK Hynix nearly 10%.

Bitcoin spent the past month bleeding through a record 13-day ETF outflow streak.

Every screen on Friday was red.

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."

- Peter Lynch

But the real question isn’t what happened on Friday.

The real question is whether Friday was the beginning of something bigger, or whether it was simply the market resetting expectations all at once.

I spent Friday afternoon and most of Saturday digging through the actual data.

Four forces hit the market at once on Friday.

Most investors only saw one.

The one they missed may matter far more over the next 30 days.

Here is the full breakdown of what happened and what comes next.