Wall Street Falls on Tech Slump
US stock indices closed sharply on Friday amid a major selloff in technology shares. The S&P 500 fell 1.8%, the Nasdaq tumbled 3.5%, and the Dow lost 572 points following disappointing tech earnings. Intel plunged 28.6% after issuing weaker-than-expected guidance. Amazon fell 1.4% after Q3 results missed expectations and it announced 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, Nvidia fell 4.2%, AMD slumped 11%, Broadcom shed 5.5%, and Micron lost 5.3%. Among hyperscalers, Alphabet extended losses by 1.4% after a slump of 12.6%. Elsewhere, ExxonMobil gained 2.2% and Chevron advanced 1.7% as both topped Q3 forecasts. For the week, the S&P 500 fell 0.9%, the Nasdaq shed 2.4%, and the Dow lost 1.2%. For the month, the S&P 500 declined 0.9%, the Nasdaq lost 6.6%, while the Dow added 1.7%.
US stock indices closed sharply on Friday amid a major selloff in technology shares. The S&P 500 fell 1.8%, the Nasdaq tumbled 3.5%, and the Dow lost 572 points following disappointing tech earnings. Intel plunged 28.6% after issuing weaker-than-expected guidance. Amazon fell 1.4% after Q3 results missed expectations and it announced 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, Nvidia fell 4.2%, AMD slumped 11%, Broadcom shed 5.5%, and Micron lost 5.3%. Among hyperscalers, Alphabet extended losses by 1.4% after a slump of 12.6%. Elsewhere, ExxonMobil gained 2.2% and Chevron advanced 1.7% as both topped Q3 forecasts.
For the week, the S&P 500 fell 0.9%, the Nasdaq shed 2.4%, and the Dow lost 1.2%. For the month, the S&P 500 declined 0.9%, the Nasdaq lost 6.6%, while the Dow added 1.7%.