Tech Selloff Drags Wall Street Lower
US stock indices slumped on Friday amid a major selloff in technology shares. The S&P 500 fell 2%, the Nasdaq tumbled about 4%, and the Dow lost more than 500 points following disappointing tech earnings. Intel plunged more than 30% after issuing weaker-than-expected guidance. Amazon fell 1.7% after reporting results that missed expectations and announcing higher capital spending. Signs of a slowdown in AI-related business growth have sharpened scrutiny of the durability of AI demand and whether the huge sums being invested in the technology will generate sufficient returns. Among chipmakers, AMD slumped 12%, Broadcom shed 6.5%, and Micron tumbled 7%. Among hyperscalers, Alphabet extended losses by 2% after a slump of 12.6%. Elsewhere, ExxonMobil gained 1% and Chevron advanced 1.5% as both topped third-quarter forecasts. For the week, the S&P 500 fell 1%, the Nasdaq shed 3%, and the Dow lost 500 points. For the month, the S&P 500 declined 1%, the Nasdaq lost 7%, while the Dow added 2%.
US stock indices slumped on Friday amid a major selloff in technology shares. The S&P 500 fell 2%, the Nasdaq tumbled about 4%, and the Dow lost more than 500 points following disappointing tech earnings. Intel plunged more than 30% after issuing weaker-than-expected guidance. Amazon fell 1.7% after reporting results that missed expectations and announcing higher capital spending.
Signs of a slowdown in AI-related business growth have sharpened scrutiny of the durability of AI demand and whether the huge sums being invested in the technology will generate sufficient returns. Among chipmakers, AMD slumped 12%, Broadcom shed 6.5%, and Micron tumbled 7%. Among hyperscalers, Alphabet extended losses by 2% after a slump of 12.6%. Elsewhere, ExxonMobil gained 1% and Chevron advanced 1.5% as both topped third-quarter forecasts.
For the week, the S&P 500 fell 1%, the Nasdaq shed 3%, and the Dow lost 500 points. For the month, the S&P 500 declined 1%, the Nasdaq lost 7%, while the Dow added 2%.