Tech stocks and crypto are crashing against a perfect storm as markets head for their worst day in months
Traders are running scared this Halloween weekend as a combustible mix of market forces have sparked a selloff in major technology stocks and cryptocurrencies. Weak earnings reports from AI hyper-scalers including Amazon and Google, along with a historic hack on crypto exchange Binance, have left investors in high-growth assets feeling like they have nowhere to turn. As of this writing, the…
Traders are experiencing fear this Halloween weekend as a volatile combination of market forces has triggered a sell-off in major technology stocks and cryptocurrencies. Poor earnings announcements from AI giants such as Amazon and Google, combined with a significant cyber attack on the crypto exchange Binance, have left high-growth asset investors feeling like they have no place to retreat.
As of now, the tech-focused Nasdaq Composite was down 3.3% on Friday, marking its worst day since June. Intel Corporation (Nasdaq: INTC) is the front-runner in this decline, with shares plummeting 30% after the company reported an outlook that was worse than anticipated for its fourth quarter. This was Intel's worst day in over 50 years, according to CNBC.
Additionally, memory chip and semiconductor companies like Nvidia Corporation (Nasdaq: NVDA) and Micron Technologies (Nasdaq: MU) are also suffering losses. SanDisk Corporation (Nasdaq: SNDK) shares were down more than 14% on Friday, continuing losses that have seen the stock drop more than 35% in the past month. The story continues to unfold...
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
