Stock market today: Nasdaq dives, S&P 500 and Dow fall as Amazon, Intel earnings fuel tech rout
US stocks sank in the final trading day of the month as earnings from Amazon (AMZN) and Alphabet (GOOG, GOOGL) this week rekindled concerns about the amount of money Big Tech is spending on its AI ambitions.
The Nasdaq Composite (^IXIC) tumbled 2.4% as a tech-fueled sell-off showed no sign of letting up. The Dow Jones Industrial Average (^DJI) fell 0.3%, while those on the S&P 500 (^GSPC) dropped 1.2%.
(^DJI)
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52,138.16-204.40(-0.39%)
As of 9:55:09 AM EDT. Market Open.
^DJI^GSPC^IXIC
Stocks fell for the second day in a row after Amazon and Alphabet posted rare earnings misses. Amazon shares fell 4%, while Alphabet continued to erase market value after its stock suffered its worst day in over 20 years.
Intel (INTC) also suffered a brutal reaction to its earnings report, dropping 29% in premarket trading after the company’s Q4 outlook came up short.
On Friday, oil majors ExxonMobil (XOM) and Chevron (CVX) reported that their earnings got a boost as refining margins grew amid the war in the Middle East. Pharmaceutical company AstraZeneca (AZN) also reported an earnings beat before the opening bell.
While earnings remain in focus, oil prices rebounded higher, putting additional pressure on markets. Brent crude futures (BZ=F) rose to $113 per barrel, while WTI crude (CL=F) reached $104 per barrel.
