Wall Street drops to its worst day since June after the sell-off for tech stocks deepens
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Wall Street dropped on Friday as a tech sell-off deepened, marking the worst day for the S&P 500 since June.
- ✓The index fell 1.8% while the Nasdaq dropped 2.9%.
- ✓Investors got worried that massive spending on artificial intelligence might not deliver enough returns to justify the current high stock prices.
Story at a Glance
- Category
- MARKET
- Reported By
- The Economic Times
- Reading Speed
- 7 Minute(s)
- Market Focus
- India Economy
Synopsis
Wall Street’s tech sell-off deepened on Friday as investors questioned whether massive spending on artificial intelligence will deliver enough returns to justify lofty valuations. The S&P 500 fell 1.8% and the Nasdaq 2.9%, with Intel plunging nearly 29% and Nvidia down 4.2%, while bitcoin also slid after a major hack at Binance.
NEW YORK: A sell-off for tech stocks got even worse Friday on worries that Wall Street's frenzy around artificial-intelligence technology sent prices too high.
The S&P 500 tumbled 1.8% for its worst day since June, and it closed out a third straight losing week. The weakness for technology stocks dragged the Nasdaq composite down a market-leading 2.9%, while the Dow Jones Industrial Average dropped 572 points, or 1.1%.
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The Economic Times
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