Nasdaq futures sink 2.3% as Amazon, Intel and Alphabet stumble
Nasdaq futures dropped 2.3% on Friday morning.
The short version
- Alphabet shares slid 12% after weaker growth.
- Amazon fell 7% on a cautious sales outlook.
- Intel slumped 25% on weak computer demand.
- Check your retirement accounts and tech holdings today.
Why it matters to you. For your business and savings, these sharp drops across major tech stocks can shake up retirement portfolios and investment accounts overnight.
Wall Street took a hard hit on Friday morning as tech giants sent jitters through global markets. Nasdaq futures dropped 2.3% and S&P 500 futures fell 1% according to Fortune, while the Dow Jones Industrial Average stayed flat. Alphabet, which owns Google and YouTube, saw its Class A shares slide more than 12% on Thursday after reporting weaker summer growth than Wall Street analysts expected.
That marked the worst day for the tech giant since it began trading over 20 years ago. Meanwhile, Amazon, the online retail giant, slid nearly 7% in premarket trading after offering a cautious sales forecast for the critical holiday shopping quarter. Intel, the major computer chip maker, slumped more than 25% before the market open following a softer-than-anticipated outlook due to continued weakness in personal computers.
Bitcoin also dropped about 3% to $77,695 after a $6.36 billion hack at Binance, the cryptocurrency exchange. In energy trading, U.S. crude rose 2.1% to $104.13 a barrel.
When the biggest companies in the world stumble all at once, every portfolio feels the tremor before the morning coffee gets cold.
