adOct 31, 2026, 02:29

Tech stocks take a beating on New York exchange: Nasdaq's worst day since June

Technology stocks on the New York exchange experienced their worst day since June, with the Nasdaq falling 2.86 percent following poor earnings from companies like Intel and Amazon. Investors are increasingly questioning whether the high costs associated with artificial intelligence development will yield sufficient returns.

Technology stocks listed on the New York stock exchanges saw significant declines on Friday, marking the worst performance for the Nasdaq index since June. The downturn was fueled by disappointing quarterly earnings reports from major players like Intel and Amazon, alongside growing investor skepticism regarding the profitability of recent massive investments in artificial intelligence.

The Nasdaq index fell by 2.86 percent, ending the session more than 8 percent below its early October peak. Intel shares plummeted nearly 29 percent due to a slowdown in the PC market and weak forward-looking guidance. Meanwhile, Nvidia shares dropped 4 percent, causing the company to lose its position as the world's most valuable publicly traded firm to Apple. The broader S&P 500 index also saw losses of 1.82 percent, while the Dow Jones index declined by 1.09 percent as market sentiment soured across the technology sector.

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Based on reporting by ad. Translated and condensed by LocalHeadlines.

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