Key facts
- US stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5.
- Disappointing quarterly results from Intel and Amazon amplified worries about AI-related companies' spending.
- The S&P 500 tech sector posted its largest monthly percentage loss since March 2025.
- Oil supermajors Exxon Mobil and Chevron gained on soaring profit margins.
- Cryptocurrency firms fell after reports of a $6.3 billion hack at Binance.
U.S. stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5, as disappointing quarterly results from Intel and Amazon amplified worries surrounding AI-related companies' massive spending on the nascent technology. The tech-heavy Nasdaq has dropped 7.8% from its all-time closing high reached on Oct. 6. Chip stocks and server makers also saw sharp declines. "Companies that are performing and meeting the very lofty expectations that have been set are doing well," said Oliver Pursche, senior vice president at Wealthspire Advisors. "Those that are falling short and seem to be missing the mark or not executing as expected are getting punished.
All three major equity indexes closed lower on the week, with the S&P 500 and Nasdaq logging monthly losses. Oil supermajors Exxon Mobil and Chevron gained on soaring profit margins, while Starbucks dipped after forecasting an annual revenue decline. Cryptocurrency firms fell amid reports of a major hack at Binance.