Imani Moise

Our look at the biggest stock moves of the week and the news that drove them.

Let's dive in.

Markets are sliding and some people are scared.

Investors piled into options contracts that bet against the S&P 500 and retail traders are getting more timid.

Their activity is on track to reach the lowest level in two years.

Plus, is big tech having its big tobacco moment?

Before we get into that, let's see how the major indexes did.

The Nasdaq entered correction territory on Thursday, falling 10% from its most recent high and finished the week down more than 3%.

The Dow Jones Industrial Average followed, crossing the correction threshold on Friday, closing 1.4% lower.

The benchmark S&P 500 ended 2% lower, extending its longest weekly losing streak in nearly four years.

What's interesting is that many of the companies dragging markets lower recently were the same stocks that led them to historic highs last year.

Now let's walk through the winners and losers of this week's Topsy Turvy Market.

It was a rough week to be a social media executive.

Tech stocks, which include names like Facebook and Instagram parent Meta and Google and YouTube parent Alphabet, led the S&P lower this week after back-to-back landmark legal rulings that could force the Silicon Valley giants to change their business practices.

On Tuesday, a New Mexico jury handed Meta a massive $375 million bill for failing to protect kids from what the state called a predatory environment that exposed minors to everything from sexually explicit content to human trafficking.

Then, on Wednesday, a California jury found Meta and YouTube responsible for designing products that were effectively addictive to minors.

They awarded $6 million to a 20-year-old plaintiff who testified that scrolling dominated her life and shredded her mental health.

Though the monetary penalties are a small drop in the bucket for companies that raked in more than $500 billion combined last year, legal analysts say the rulings pose an existential threat to the companies that have built businesses around keeping users on their apps.

Some have dubbed the events Big Tech's Big Tobacco Moment.

Meta and Google have each said they plan to appeal.