US tech sell-off cuts nearly $1tn from Nasdaq in a week on weak earnings
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Weak earnings from major tech firms deepened a sell-off that began earlier in October, shaving hundreds of billions from US markets on Friday. The Nasdaq lost nearly $1tn in a week and about $2tn over a month; the S&P 500 fell more than 1% and the Nasdaq composite more than 3%. Roughly $2tn is set to be erased from the Nasdaq 100 in October as investors question AI spending; the index is down over 5.8% this month, and Intel shares fell nearly 30%.
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