{"id":61993,"date":"2026-05-15T16:38:28","date_gmt":"2026-05-15T20:38:28","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/"},"modified":"2026-05-15T16:38:28","modified_gmt":"2026-05-15T20:38:28","slug":"market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/","title":{"rendered":"Market Slump as Tech Sell-Off Deepens; Amgen Faces Safety Crisis in Japan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/#Tech_Sell-Off_Drags_Down_Major_Indices\" >Tech Sell-Off Drags Down Major Indices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/#Amgen_Faces_Regulatory_Crisis_Over_Drug_Deaths\" >Amgen Faces Regulatory Crisis Over Drug Deaths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/#Sovereign_Credit_Ratings_UK_Stable_Portugal_Improving\" >Sovereign Credit Ratings: UK Stable, Portugal Improving<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/#The_High_Cost_of_Artificial_Intelligence\" >The High Cost of Artificial Intelligence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-as-tech-sell-off-deepens-amgen-faces-safety-crisis-in-japan\/61993\/#Corporate_and_Regulatory_Updates\" >Corporate and Regulatory Updates<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Major U.S. indices closed down over 1% Friday<\/strong>, with the <strong>Nasdaq<\/strong> leading the decline as technology stocks faced heavy selling pressure.<\/li>\n<li><strong>Amgen (<a href=\"\/stock\/AMGN\">AMGN<\/a>)<\/strong> is under intense scrutiny following reports that <strong>20 people in Japan died<\/strong> after taking its rare immune-disease drug, <strong>Tavneos<\/strong>.<\/li>\n<li><strong>Morningstar DBRS<\/strong> maintained a stable outlook for the <strong>United Kingdom at AA<\/strong>, while upgrading the trend for <strong>Portugal to Positive<\/strong> at an <strong>A (High)<\/strong> rating.<\/li>\n<li><strong>AI operational costs<\/strong> are reportedly exceeding human salaries at some major firms, challenging the long-held narrative of automation-driven cost savings.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Sell-Off_Drags_Down_Major_Indices\"><\/span>Tech Sell-Off Drags Down Major Indices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Wall Street experienced a sharp downturn on Friday as the <strong>Nasdaq<\/strong> unofficially closed down <strong>402.48 points, or 1.51%<\/strong>, to end at <strong>26,232.75<\/strong>. The <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> fell <strong>517.28 points (1.03%)<\/strong> to <strong>49,546.18<\/strong>, while the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a><\/strong> dropped <strong>91.22 points (1.22%)<\/strong> to finish at <strong>7,410.02<\/strong>.<\/p>\n<p><em>Market analysts attributed the slide to a combination of rising oil prices and a cooling of the recent artificial intelligence rally.<\/em> Investors appeared to be taking profits in mega-cap technology names as bond yields ticked higher, pressuring growth-oriented sectors.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Amgen_Faces_Regulatory_Crisis_Over_Drug_Deaths\"><\/span>Amgen Faces Regulatory Crisis Over Drug Deaths<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Shares of <strong>Amgen (<a href=\"\/stock\/AMGN\">AMGN<\/a>)<\/strong> were in focus after news broke that <strong>20 patients in Japan<\/strong> died while taking <strong>Tavneos<\/strong>, a drug used to treat rare autoimmune diseases. The company selling the medicine in Japan reported that at least <strong>22 patients<\/strong> also developed potentially fatal liver injuries.<\/p>\n<p>U.S. drug regulators had previously requested that <strong>Amgen (<a href=\"\/stock\/AMGN\">AMGN<\/a>)<\/strong> voluntarily withdraw the drug from the market, a request the company has thus far resisted. <em>The escalating safety concerns in Japan are expected to increase pressure on the FDA to take more formal enforcement action.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sovereign_Credit_Ratings_UK_Stable_Portugal_Improving\"><\/span>Sovereign Credit Ratings: UK Stable, Portugal Improving<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Morningstar DBRS<\/strong> confirmed the <strong>United Kingdom\u2019s<\/strong> credit rating at <strong>AA with a Stable trend<\/strong>, citing the country&#39;s resilient economic framework despite ongoing fiscal challenges. The agency noted that the UK&#39;s rating remains supported by its high per capita income and deep capital markets.<\/p>\n<p>In a separate move, the agency changed its trend on <strong>Portugal<\/strong> to <strong>Positive<\/strong> while confirming its credit ratings at <strong>A (High)<\/strong>. The shift reflects Portugal&#39;s continued progress in reducing public debt and maintaining disciplined fiscal policies, which have outperformed many of its Eurozone peers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_High_Cost_of_Artificial_Intelligence\"><\/span>The High Cost of Artificial Intelligence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A new report from <strong>Axios<\/strong> suggests that <strong>AI may now be more expensive<\/strong> than human employees for certain tasks. Executives from major tech firms have indicated that the cost of compute power and AI tokens is beginning to outpace the salaries of the human workers they were intended to replace.<\/p>\n<p>Despite these rising costs, the labor market continues to feel the impact of automation. Analysts predict that many <strong>U.S. jobs<\/strong> will face <strong>AI-related losses<\/strong> for a second consecutive year in <strong>2025<\/strong>, as companies continue to prioritize long-term digital transformation over immediate operational expenses.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Regulatory_Updates\"><\/span>Corporate and Regulatory Updates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Fitch Ratings<\/strong> affirmed <strong>Rio Tinto (<a href=\"\/stock\/RIO\">RIO<\/a>)<\/strong> at an <strong>&#39;A&#39; rating<\/strong> with a <strong>Stable outlook<\/strong>, highlighting the miner&#39;s robust balance sheet and diversified operations. The agency noted that <strong>Rio Tinto (<a href=\"\/stock\/RIO\">RIO<\/a>)<\/strong> remains well-positioned to benefit from growing demand in copper and lithium.<\/p>\n<p>Separately, the <strong>Federal Reserve<\/strong> released its weekly <strong>H.8 data<\/strong>, providing an updated look at the <strong>assets and liabilities of commercial banks<\/strong> in the United States. The data is closely watched by economists for signs of tightening credit conditions or shifts in consumer deposit behavior amid the current market volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Major U.S. indices closed down over 1% Friday, with the Nasdaq leading the decline as technology stocks faced 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