Stock market today: Stocks tumble as the S&P 500 caps off its worst week in 3 months

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• US stocks closed lower Friday, marking the worst week for the S&P 500 since mid-April.
• A global IT outage caused by a Crowdstrike update exacerbated Friday's stock market decline.
• Next week, investors will focus on upcoming earnings from Tesla and Alphabet, as well as economic data releases.

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US stocks closed lower on Friday, capping off the worst week for the S&P 500 since mid-April.

The decline on Friday extended the trend of smaller-cap stocks outperforming large-cap peers, which was initially sparked by a cooler-than-expected June inflation report last week.

Friday's decline in stock prices was exacerbated by a global IT outage that plagued computers running Microsoft's Windows operating system.

The IT outage was caused by a bug contained in a CrowdStrike update, and it ultimately led to canceled and delayed flights, bank outages, and more widespread disruption.

Crowdstrike said it identified the issue and was deploying a fix. Shares of the cyber-security provider plunged about 10%.

Investors got their first glimpse of earnings this week, with major banks like Goldman Sachs reporting solid results on Monday.

Netflix reported better-than-expected revenue, profits, and subscriber growth in its second-quarter earnings report on Thursday, but the stock fell about 2% due to somewhat weak third-quarter guidance.

According to data from Fundstrat, 13% of S&P 500 companies have reported second-quarter earnings results. Of those companies, 81% are beating profit estimates by a median of 4%, while 61% are beating revenue estimates by a median of 3%.

In the week ahead, investors will have a close eye on mega-cap tech earnings results from Tesla and Alphabet, the June Core PCE inflation data, and the second-quarter GDP print.

Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:

Here's what else happened today:

• Investors are preparing for the Trump trade. Here's how a red wave in November could impact stocks, bonds, and commodities.
• Nvidia is expected to reveal on its upcoming earnings call just how much profits its end-customers are making with its AI chips.
• A recession could strike the US economy in 2025, according to economist Steve Hanke, who warned about the troubling trend in money supply.
• Shares of Serve Robotics soared 241% after Nvidia disclosed a $4 million stake in the company.
• SunPower stock plunged 73% this week as the residential solar company paused some operations amid a decline in demand for solar panels.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil was down 3.15% to $78.74 a barrel. Brent crude, the international benchmark, declined 2.75% to $82.77 a barrel.
• Gold fell 2.23% to $2,401.60 per ounce.
• The 10-year Treasury yield rose three basis points to 4.24%.
• Bitcoin increased 5.26% to $67,344.