Stock Market Today: Nasdaq Dives, S&P 500 and Dow Fall as Amazon, Intel Earnings Fuel Tech Rout
The US stock market experienced a decline in the final trading day of the month, with the Nasdaq Composite plummeting 2.4% as a tech-driven sell-off persisted. The Dow Jones Industrial Average fell 0.3%, while the S&P 500 dropped 1.2%. This downturn follows earnings reports from Amazon and Alphabet, which sparked concerns about the substantial investments being made by Big Tech in artificial intelligence (AI) initiatives.
Amazon shares declined by 4%, with Alphabet's stock suffering its worst day in over 20 years, resulting in a significant loss of market value. Intel also faced a severe reaction to its earnings report, with its stock price dropping 29% in premarket trading due to a disappointing Q4 outlook. The tech sector's struggles have led to a two-day decline in stocks, with investors reevaluating the financial implications of these companies' AI ambitions.
