The Nasdaq composite slumped sharply on Friday, dragged down by steep losses in major tech heavyweights Intel and Amazon following disappointing corporate earnings reports.
The tech sector extended its downward trend after disappointing updates from Intel and Amazon compounded negative market sentiment. The downturn followed earlier earnings-related sell-offs for other prominent names, including Alphabet and Fortinet, putting pressure on major indexes as losses mounted by early Friday afternoon.
Despite the broader technology slump, select names managed to buck the trend. CBOE Global Markets emerged as a top gainer within the S&P 500, while Vertex Pharmaceuticals stood out as an outperformer in the Nasdaq 100. Overall, the combination of weak reports from bellwethers like Google, Amazon, Intel, and ServiceNow contributed to weekly losses for the broader stock market.
