Several major technology companies recorded significant losses, with Intel emerging as one of the biggest casualties.
\n\nThe US stock market witnessed a sharp sell-off on Friday (October 30), with technology stocks bearing the brunt of heavy selling as investors reassessed the artificial intelligence (AI) trade following disappointing earnings and concerns over mounting capital expenditure.
\n\nThe Nasdaq Composite plunged 2.86 per cent, losing 747.72 points to close at 25,436.99. It marked the index's worst single-day performance since June and left it around 8 per cent below its recent record high. The S&P 500 declined 1.8 per cent, while the Dow Jones Industrial Average dropped 572 points, or 1.1 per cent.
\n\nSelling pressure intensified during afternoon trading as investors booked profits ahead of the month-end and next week's closely watched US midterm elections.
\n\nTech Stocks Lead Wall Street Sell-Off
\n\nIntel shares plunged 29 per cent after the chipmaker issued a weaker-than-expected outlook for the current quarter, citing a slowdown in the personal computer market. Revenue from its client computing and physical artificial intelligence group fell 5 per cent year-on-year to $8.1 billion.
\n\nAmazon shares also declined more than 1 per cent after the company reported third-quarter earnings and revenue below Wall Street…
Original source: https://www.timesnownews.com/business-economy
