Friday's sell-off hit hard: The Nasdaq Composite dropped 1.4% to 25,520, the S&P 500 fell 1.0% to 7,457, and the Dow lost 0.8% to 52,146. Two forces crushed sentiment: China's Moonshot AI unveiled Kimi K3 — a 2.8-trillion-parameter open-weight model that rivals OpenAI and Anthropic at 40% lower cost — and Netflix served up earnings that left analysts calling the quarter a "murky mosaic."

Nvidia (NVDA) fell 2.2% and Intel (INTC) dropped 2.0%...