"The best gains have been had and [it] wouldn’t surprise me to see a significant correction,” hedge fund titan Steve Cohen said in Friday remarks.

The selloff came as more than $2.7 trillion worth of options expired, an event which typically spurs heightened volatility.

The decline on Friday accelerated following a trio of economic data releases early in the trading session, which painted a worrying picture about the current state of the economy,

The US stock market collapsed on Friday, posting its worst single-day loss since December 2024, as traders dumped risk assets on fears of a weakening economy and stubborn inflation, as new economic data showed shaky consumer confidence,