In brief
U.S. stocks slid in early trading on Friday as disappointing earnings from leading technology companies rattled investor sentiment. The Nasdaq Composite fell more than 2%, with Intel shares plunging almost 30% and Amazon dropping over 4%, while new data showed Nasdaq futures retreating following concerns about AI spending. The drop followed disappointing revenue reports from Alphabet and broader worries about the costs of the AI investment boom.
New York—U.S. stocks fell sharply in early trading on Friday, Oct. 30, as disappointing earnings from major technology companies rattled investors, according to Xinhua and Reuters.
The Nasdaq Composite slipped more than 2%, a decline echoed by futures that fell over 2% after Amazon announced continued heavy AI spending and Intel warned of a cash‑burn rate this year, Reuters report said.
Intel shares plunged nearly 30% after the chipmaker reported weak results and issued a weaker‑than‑expected outlook, Xinhua noted. CNBC, in its pre‑market coverage, reported a 25% drop for Intel, indicating some variation in the reported decline.
Amazon stock fell 4.4% in regular trading, while CNBC said it was down 7% pre‑market, reflecting the impact of Amazon’s reported negative free cash flow for the second consecutive quarter.
Alphabet shares tumbled more than 12% on Thursday, following revenue growth that missed expectations, Xinhua added. The broader sell‑off is said to add mounting pressure on technology stocks amid concerns over the costs and prospects of the artificial intelligence investment boom.