The sell-off for tech stocks on Wall Street got even worse on worries that the frenzy around AI sent prices too high.
The S&P 500 dropped 1.8% Friday for its worst day since June. The Nasdaq composite fell 2.9%, while the Dow Jones Industrial Average dropped 1.1%.
Intel sank almost 29% for its worst day since 1974 after giving a profit forecast that fell below analysts' expectations. Amazon's latest profit report raised more worries about how much companies are spending on their AI Investments. Treasury yields sank as investors searched for safer things to own, even though oil prices rose.
On Friday:
The S&P 500 fell 140.32 points, or 1.8%, to 7,580.07.
The Dow Jones Industrial Average fell 572.25 points, or 1.1%, to 51,770.31.
The Nasdaq composite fell 747.73 points, or 2.9%, to 25,437.00.
The Russell 2000 fell 47.37 points, or 1.7%, to 2,811.84.
For the week:
The S&P 500 is down 43.61 points, or 0.6%.
The Dow is down 444.85 points, or 0.9%.
The Nasdaq is down 518.34 points, or 2%.
The Russell 2000 is up 35.95 points, or 1.3%.
For the year:
The S&P 500 is up 734.57 points, or 10.7%.
The Dow is up 3,707.02 points, or 7.7%.
The Nasdaq is up 2,195.01 points, or 9.4%.
The Russell 2000 is up 329.94 points, or 13.3%.
