Several Fidelity sector funds experienced large drops in their net asset values (NAVs) on Friday. The explanation is that Friday was the ex-dividend date for these funds.
For investors who chose to reinvest the distributions automatically, the value of their holdings will be readjusted on Monday. For investors who chose not to reinvest, their investment account will be credited with the distribution amount.
Here are a few examples of sector funds experiencing large price drops:
The simplest way to double check recent distributions is by going to the Fidelity.com website directly. For example, here are the most recent capital gains distributions for the Fidelity Select Automotive Fund (FSAVX):