US Stocks Sharply Lower as Amazon and Intel Sink
Stocks in the US were lower on Friday, with the S&P 500 losing 0.3%, the Nasdaq tumbling 2.4% and the Dow Jones decreasing 185 points, weighed by a sell-off in the tech sector, following disappointing results from Amazon and Intel. Amazon plunged nearly 4.5% after reporting results that missed expectations. Intel sank more than 28% after issuing weaker-than-expected guidance. The results reignited concerns about the sustainability of the AI-driven rally. Micron fell 5%, Nvidia dropped 3.4% and Arm tumbled 10.8%. Alphabet, which plunged 12.6% on Thursday, extended its losses by around 1.1%. In contrast, ExxonMobil gained 2.1% after beating earnings expectations, while Chevron advanced 1.4% as both earnings and revenue came in above forecasts. For the week, the S&P 500 is up around 1% and the Nasdaq has gained 1.1%, while the Dow is down approximately 0.7%. So far in October, the Nasdaq has fallen 2.5%, whereas the S&P 500 has gained 0.9% and the Dow Jones has advanced 2.8%.
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Stocks in the US were lower on Friday, with the S&P 500 losing 0.3%, the Nasdaq tumbling 2.4% and the Dow Jones decreasing 185 points, weighed by a sell-off in the tech sector, following disappointing results from Amazon and Intel. Amazon plunged nearly 4.5% after reporting results that missed expectations. Intel sank more than 28% after issuing weaker-than-expected guidance. The results reignited concerns about the sustainability of the AI-driven rally.
Micron fell 5%, Nvidia dropped 3.4% and Arm tumbled 10.8%. Alphabet, which plunged 12.6% on Thursday, extended its losses by around 1.1%. In contrast, ExxonMobil gained 2.1% after beating earnings expectations, while Chevron advanced 1.4% as both earnings and revenue came in above forecasts. For the week, the S&P 500 is up around 1% and the Nasdaq has gained 1.1%, while the Dow is down approximately 0.7%.
So far in October, the Nasdaq has fallen 2.5%, whereas the S&P 500 has gained 0.9% and the Dow Jones has advanced 2.8%.