All three major US stock indices closed lower this week amid a tech selloff: the S&P 500 fell 0.57%, the Nasdaq Composite dropped 2%, and the Dow declined 0.85%.
Intel shares plunged nearly 26% cumulatively for the week after its fourth-quarter revenue guidance of $15 billion to $16 billion came in below expectations. Alphabet slid 12.2% on the week as third-quarter revenue of $127.58 billion missed forecasts. ServiceNow tumbled nearly 27% in a single day following its earnings report, while AMD fell nearly 13% on Friday. Amazon's third-quarter capital expenditures exceeded $77 billion, above expectations. The Federal Reserve kept its interest rate range unchanged at 3.75%-4.00%.
US Tech Stocks Hit by Selloff; Intel Falls Nearly 26% for the Week, Alphabet Down 12.2%
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