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Wall Street tumbles to worst day since June: 5 key points amid tech sell-off
The Nasdaq Composite fell 2.86% to close at 25,437.00. The S&P 500 lost 1.84% to finish at 7,578.48, while the Dow Jones Industrial Average dropped 1.10%.
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US stocks ended sharply lower on Friday, as a sell-off in technology shares dragged major indexes to their biggest daily losses since June.
Nasdaq, S&P 500 and Dow Jones extend losses
The Nasdaq Composite fell 2.86% to close at 25,437.00. The S&P 500 lost 1.84% to finish at 7,578.48, while the Dow Jones Industrial Average dropped 1.10% to 51,766.87. During the session, losses were even steeper, with the Nasdaq Composite falling as much as 3.5% and the S&P 500 declining more than 2%. The Nasdaq 100 also dropped around 3.5% to 4%.
Intel shares plunge nearly 30% after weak outlook
Intel was among the biggest losers, with its shares plunging nearly 30% after the company issued a weaker-than-expected revenue forecast for the fourth quarter. The chipmaker projected revenue of $15 billion to $16 billion and warned of continued challenges from weakness in the personal computer market, rising memory costs and manufacturing difficulties. The sharp decline wiped out more than $100 billion in Intel's market value.
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Amazon, Alphabet and other tech stocks slide
Amazon shares also fell around 2% as investors reacted to its higher capital spending and concerns about cash flow. The company's increased investment in AI infrastructure added to worries about the cost of expanding the technology. The pressure followed a sharp decline in Alphabet shares on Thursday, when the stock lost more than 12%.
Other major technology and semiconductor stocks, including Nvidia, AMD, Broadcom and Qualcomm, also moved lower as investors reduced their exposure to the sector.
Defensive stocks gain as market volatility rises
The sell-off extended beyond technology shares, although some defensive sectors, including consumer staples and healthcare, recorded gains. The Cboe Volatility Index (VIX), which measures expected market volatility, also climbed as investor concerns increased.
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Nasdaq heads for worst monthly performance since March 2025
The Nasdaq was heading towards its worst monthly performance since March 2025 and was trading around 8.5% below its recent record high. Cryptocurrency markets also weakened following a major cyberattack involving Binance.
Friday's losses marked the second consecutive session of declines for major US indexes.
