Tech stocks see steepest three-week slump in two years, led by plunge in Amazon and Intel

Category: Finance

Wall Street is experiencing anxiety as the Nasdaq Composite fell 3.4% this week, marking an 8.8% decline over three weeks, the worst since September 2022. Disappointing earnings from major tech companies like Amazon and Microsoft, alongside concerns about the U.S. economy, have contributed to this downturn. Amazon's revenue shortfall is attributed to consumers opting for cheaper goods, while Apple showed modest growth. Meta's stock rose after beating estimates, but Nvidia's upcoming earnings report is highly anticipated amidst its significant stock fluctuations. Intel faced a severe drop after a major earnings miss and announced a significant workforce reduction.

Keywords: Nasdaq Composite, Tech Earnings, Wall Street Anxiety

Source: CNBC

Update At: 8/5/2024

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