The Nasdaq Composite slumped 2% to 22,584.6, with the S&P 500 down 1.3% to 6,635.2 and the Dow Jones Industrial Average 0.8% lower at 46,519.1.

The University of Michigan's preliminary consumer sentiment index fell to 50.3 in November from 53.6 in October, below the 53.0 forecast in a survey compiled by Bloomberg. The reading was the second-lowest on record, after the June 2022 low following the coronavirus pandemic, according to data compiled by Trading Economics.

Michigan said consumers are concerned about the potential effects of the federal government shutdown, which entered its 38th straight day on Friday. The Michigan poll pegged one-year inflation expectations at 4.7%, up from 4.6% in October, while their five-year outlook eased to 3.6% from 3.9%.

The CBOE Volatility Index (VIX), also known as a fear gauge for the S&P 500, jumped past 15% to 22.49 amid concern that consumer weakness does not bode well for economic growth, bringing to the fore the debate around stretched valuations.

The Global X Artificial Intelligence & Technology ETF (AIQ), with net assets of $5.98 billion and investments in firms related to AI, dropped 2.9%. The $386 billion Invesco QQQ Trust (QQQ), a tech-heavy exchange-traded fund offering exposure to Magnificent-7 across technology and communication services sectors, dived 1.9%.

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