Tech Selloff Deepens as Nasdaq Slides 3%, Set for Worst Month Since March 2025
IXIC sits 22% above its 52-week low of $20,690.249.
Summary
The Nasdaq composite fell more than 3% Friday, with the two-day slide putting the index on track for its worst month since March 2025 and roughly 8.5% below its record high. Amazon and Intel results compounded worries around the AI trade: Amazon slipped about 2% after earnings landed in line with forecasts despite booming cloud growth, while Intel is having its worst day ever, down 30% on the memory-chip crunch and weak PC sales. Crypto added to the risk-off tone after hackers stole an estimated $6.3 billion from Binance, which suspended transactions. Oil is also back on the rise, with Brent near $113 after a tanker in the Strait of Hormuz was attacked and Ukraine struck a Russian refinery. This extends the pattern from September, when Middle East escalation and the Fed's quarter-point hike repeatedly whipsawed the index.
At the time of this announcement, IXIC was trading at $25,260.61 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.