Tech Stocks Plunge as Nasdaq Tumbles Over 600 Points on Weak Earnings
· Business · CBS News, CNBC
The Nasdaq Composite Index fell 610 points, or 2.3 percent, in early trading following disappointing earnings reports from Alphabet, Amazon, and Intel. Intel shares plunged nearly 29 percent, while Alphabet Class A stock extended losses from its worst single-day drop since its 2004 IPO. The S&P 500 and Dow Jones Industrial Average dropped 1.2 percent and 0.4 percent respectively. The downturn reflects growing investor anxiety that massive artificial intelligence investments will fail to generate expected Wall Street returns. UBS global head of equities Ulrike Hoffmann-Burchardi advised clients to diversify portfolios beyond AI to mitigate single-stock concentration risks.
Why it matters
Global market volatility triggered by tech sector losses can impact Indian IT stocks and foreign institutional investor flows.
Read the original report — CBS News
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.