Nasdaq Plunges 2.6% as Meta's AI Spending Spooks Tech
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
Tech stocks sold off hard, with the Nasdaq Composite down 694 points, or 2.6%, to 26,008.86 — its biggest drop since June. Meta is the epicenter: shares fell 7% after it disclosed billions in additional future spending commitments and its profit missed Wall Street expectations despite soaring revenue. The damage spread across AI infrastructure names, with the PHLX Semiconductor Sector index down 6.7% and Nvidia's CEO saying the industry lacks the capital to fuel neocloud growth. Money rotated to safety — the Dow eked out a 0.02% gain and Treasury yields fell sharply, the two-year dropping 0.188 point to 4.635% in its biggest one-day decline in over a year. This is a fresh leg down, distinct from the September oil/Middle East and jobs-driven sessions in the recent tape.
At the time of this announcement, IXIC was trading at $26,008.86 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.