The sell-off for tech stocks worsens and overwhelms Wall Street
NEW YORK — A sell-off for tech stocks is barreling into Friday and forcing the U.S. market down again, with Intel and Amazon helping to lead the way this time. The S&P 500 fell 1.6 percent and was on track to erase its gain for October, even though it set its all-time high during the month. The weakness for technology stocks dragged the Nasdaq composite down 2.5 percent, as of 11:48 a.m. Eastern…
A sell-off of tech stocks intensified on Friday, overwhelming Wall Street and causing a significant decline in major U.S. indexes. Intel and Amazon were among the leading contributors to the downward trend. The S&P 500 experienced a 1.6 percent drop, on track to erase its October gain, despite reaching an all-time high during the month.
The Nasdaq composite fell by 2.5 percent, while the Dow Jones Industrial Average declined by 0.7 percent or 380 points. Intel's stock plummeted by 28.6 percent, nearing its worst day since 1974. The company, despite reporting stronger-than-expected profits for the latest quarter, fell short of analysts' expectations in its profit forecast for the final three months of the year.
Intel CEO Lip-Bu Tan attributed the pressure on the personal-computer industry, which affects demand for Intel’s CPUs. Amazon, on the other hand, dropped by 1.9 percent after reporting weaker profits for the summer than analysts had anticipated. The most alarming aspect of Amazon’s report was the burning through of $42.4 billion of cash.
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