Nasdaq 100 falls 3% as Intel and Amazon drag tech shares
In short
The Nasdaq 100 fell about 3% after earnings worries hit big tech shares. BusinessLine says Intel dropped 28% because its outlook missed estimates, and Amazon also fell because it plans to spend more.
The move matters because these stocks help drive the index. The report does not say how long the drop may continue or what the next market move will be.
What the reporting says
The Nasdaq 100 fell about 3% as earnings pressure hit major technology stocks, according to a BusinessLine Markets summary. Intel Corp. sank 28% after its outlook missed estimates, while Amazon.com Inc. dropped amid greater capital spending. The immediate consequence is a broad tech-led selloff, but the summary does not say how long the weakness may last or whether other sectors were affected.
Why it matters
The Nasdaq 100 fell about 3% as investors reacted to earnings pressure in large technology names, according to the summary. Intel Corp. sank 28% after its outlook missed estimates, and Amazon.com Inc. also declined on higher capital spending. The reporting points to a broad tech-led risk reappraisal, but it does not give a full list of affected companies or the duration of the selloff.