Nasdaq falls over 2% to near 3-month low; Intel plunges nearly 29% after earnings
US stock markets extended losses in early trading, with the Nasdaq falling over 2% to a near three-month low. Intel shares plunged nearly 29% after its earnings report, while Coinbase fell over 11% and Amazon dropped over 4%. Chip and optical communications stocks were among the hardest hit.
US stock markets extended their decline in early trading on Friday, with technology shares bearing the brunt of selling pressure. The Dow Jones Industrial Average stood at 52,180 points, down 162 points or 0.31 per cent. The S&P 500 fell 100 points to 7,619, a decline of 1.31 per cent. The Nasdaq Composite Index dropped 657 points to 25,527, a fall of 2.51 per cent, hitting a near three-month low.
Several stocks came under heavy selling after reporting earnings. Intel shares plunged nearly 29 per cent following its results announcement. Cryptocurrency exchange Coinbase fell more than 11 per cent, while Amazon dropped over 4 per cent.
Chip and optical communications stocks were among the hardest hit. Lumentum, SK Hynix, Sandisk, Coherent and AMD each fell between 7 per cent and 10 per cent.