The sell-off for tech stocks worsens and drowns out strength elsewhere on Wall Street
Katherine oversees editorial operations across all six brands. Before joining The Meridan Group, she spent 14 years at the Minneapolis Star Tribune, where she led the metro desk through its digital transformation. She holds a Master's in Journalism from Northwestern's Medill School.
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NEW YORK (AP) — A sell-off for tech stocks is barreling into Friday and forcing the U.S. market down again, with Intel and Amazon helping to lead the way this time.The S&P 500 fell 1.1% and was on track to erase its gain for October, even though it set its all-time high during the month. The weakness for technology stocks dragged the Nasdaq composite down 2%, as of 10 a.m. Eastern time, though the rest of the market was holding up better for a second straight day. The Dow Jones Industrial Average fell a more modest 0.3%, or 176 points.Intel tumbled 28.9% and is flirting with its worst day since 1974, even though the chipmaker reported a stronger profit for the latest quarter than analysts expected. It gave a forecast for profit in the final three months of this year that fell far short of analysts’ expectations. CEO Lip-Bu Tan said the personal-computer industry continues to feel pressure, which hurts demand for Intel’s CPUs.Amazon fell 2% after reporting a weaker profit for the summer