US stocks tumbled after the opening bell on Friday, October 30, with Nasdaq 100 slipping nearly 3% as disappointing tech earnings led to an industry-wide selloff.
Nasdaq 100 declined 2.84% to 28,567.37, S&P 500 dropped 1.24% to 7,625, while Dow Jones Industrial Average traded 0.32% lower at 52,177.37 by 7:02 pm IST.
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The decline in US stocks Amazon shares dropped 5% following the declaration of earnings and revenue for the third quarter, below market expectations. The e-commerce giant also reported negative free cash flow of $42.4 billion and kept its capital expenditures forecast at $220 billion.
Meanwhile, Intel tumbled 29% after reporting a weak outlook for the current quarter, indicating a slowdown in PCs. Revenue of client computing and physical artificial intelligence group dropped 5% year-on-year from to $8.1 billion. Sandisk too, fell 9% despite its first quarter results beat estimates. The company declared an eight-for-one forward stock split.
Other chipmakers also remained under pressure, with Advanced Micro Devices slipping 10%, Nvidia and Broadcom tumbling 3% and 4%, respectively.
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