US equity markets finished sharply lower on Friday, led by a broad selloff in technology shares. The S&P 500 slid 1.8%, the Nasdaq dropped 3.5%, and the Dow Jones Industrial Average fell 572 points, weighed down by disappointing tech earnings.
Intel sank 28.6% after issuing guidance that came in below expectations. Amazon declined 1.4% following weaker-than-forecast Q3 results and an announcement of increased capital expenditures. Mounting evidence of a slowdown in AI-related revenue growth has intensified questions about the sustainability of AI demand and whether the substantial capital being deployed into the sector will generate adequate returns.
Among chipmakers, Nvidia fell 4.2%, AMD lost 11%, Broadcom dropped 5.5%, and Micron declined 5.3%. Within the hyperscaler group, Alphabet extended its recent slide, losing another 1.4% after a prior 12.6% plunge.
In contrast, energy majors outperformed: ExxonMobil rose 2.2% and Chevron gained 1.7%, with both companies beating Q3 estimates.
On a weekly basis, the S&P 500 declined 0.9%, the Nasdaq fell 2.4%, and the Dow slipped 1.2%. For the month, the S&P 500 was down 0.9%, the Nasdaq lost 6.6%, while the Dow advanced 1.7%.
