30.10.202613:38:15UTC+00US Stocks Sharply Lower as Amazon and Intel Sink

US stocks finished lower on Friday, as major indexes came under pressure from a sharp sell-off in the technology sector following disappointing results from Amazon and Intel. The S&P 500 slipped 0.3%, the Nasdaq dropped 2.4% and the Dow Jones Industrial Average fell 185 points.

Amazon shares declined nearly 4.5% after the company reported earnings that fell short of expectations. Intel plunged more than 28% after issuing guidance that missed forecasts, a move that rekindled doubts about the durability of the recent AI-driven rally. Other chip and AI-related names followed suit, with Micron losing 5%, Nvidia down 3.4% and Arm tumbling 10.8%. Alphabet, which had already slumped 12.6% on Thursday, extended its losses by about 1.1%.

Energy stocks moved in the opposite direction. ExxonMobil rose 2.1% after posting earnings that topped estimates, while Chevron gained 1.4% as both its profit and revenue beat expectations.

On a weekly basis, the S&P 500 is up about 1% and the Nasdaq has added 1.1%, while the Dow is down roughly 0.7%. For October to date, the Nasdaq has fallen 2.5%, in contrast to a 0.9% gain for the S&P 500 and a 2.8% advance for the Dow Jones.