Tech sell-off deepens, and the Nasdaq heads for its worst day since June

Nasdaq

-3%

S&P 500

-1.8%

By 12:55 p.m. ET the Nasdaq was down three per cent and the S&P 500 down 1.8 per cent, on track to erase its October gain. The Dow was down 496 points.

Intel's drop on the day

30.1 %

Intel plunged 30.1 per cent, near its worst day since 1974, after a weak profit forecast for the final three months of the year. Nvidia fell 4.7 per cent and Amazon 2.3 per cent.

Crypto stocks also tumbled after a hack at the world's biggest crypto exchange, which a US blockchain firm said was likely the work of a North Korean unit. Bitcoin fell toward $77,000, and Coinbase lost 12.9 per cent.

Why it matters

Investors moved into bonds, and the 10-year Treasury yield eased to 4.94 per cent from more than 5.30 per cent earlier this month. One analyst said the AI trade is moving into a "show me" phase.

Economy · 5 d ago

Tech sell-off deepens, and the Nasdaq heads for its worst day since June

Follow-up to: US tech stocks slide as investors question the cost of AI

By 12:55 p.m. ET the Nasdaq was down three per cent and the S&P 500 down 1.8 per cent, on track to erase its October gain. The Dow was down 496 points.

Intel plunged 30.1 per cent, near its worst day since 1974, after a weak profit forecast for the final three months of the year. Nvidia fell 4.7 per cent and Amazon 2.3 per cent.

Investors moved into bonds, and the 10-year Treasury yield eased to 4.94 per cent from more than 5.30 per cent earlier this month. One analyst said the AI trade is moving into a "show me" phase.

Tech sell-off deepens, and the Nasdaq heads for its worst day since June

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