Wall Street falls 1.8% as Intel plunges 29% and tech sinks
In short
- The S&P 500 closed on Friday at 7,578.97 (−1.83%), the Nasdaq Composite at 25,442.31 (−2.84%) and the Dow Jones at 51,785.82 (−1.06%). The S&P 500 tech sector fell almost 5%.
- Intel fell 29%, its worst day since 1974, after weak guidance and a factory accident in Israel. Reddit also lost 29% on a softer revenue outlook.
- The VIX volatility index jumped about 32% to roughly 22.75. In Europe the FTSE 100 rose 0.1% to 10,730, while the DAX fell 0.9% and the Euro Stoxx 50 fell 1.2%.
Wall Street ended the week with a sharp tech-led fall: the S&P 500 lost 1.83%, the Nasdaq 2.84%, and Intel and Reddit each dropped 29% after their results. Yesterday we covered the Alphabet, Amazon and Intel earnings; Friday’s session showed how far the selling went.
What happened
According to TheStreet, nearly 70% of US stocks fell on Friday. The Russell 2000 lost 2.03% to close at 2,801.16. The 10-year Treasury yield was 4.917% (down 7.2 basis points) and the 2-year 4.569% (down 8.7) at 2:31 p.m. New York time.
Intel fell 29% at the close, its worst day since 1974, after weak guidance tied to a PC slump and a factory accident in Israel. Reddit also fell 29% after a softer fourth-quarter revenue outlook. Amazon disappointed with its results and weighed on tech (on our data the stock is down 1.41% at $240.35).
Among the other giants, on our data at the close: Nvidia −4.22% ($204.64), Microsoft −1.55%, Meta −1.53%, Alphabet −1.40%, Apple −1.23% and Tesla −0.87%. The S&P 500 is 10.8% higher than a year ago. In Asia the Nikkei 225 fell 2.1% to 63,290.
What it means for you
The math: $1,000 in Nvidia shares lost about $42 on Friday (−4.22%) and $1,000 in Intel about $290 (−29%). The S&P 500 fell 1.83%, about $18 per $1,000. Around earnings, a single stock can move many times more than the index.
Live prices: stock market prices and crypto prices in the US.
Bottom line
Wall Street closed Friday lower: the S&P 500 at 7,578.97 (−1.83%) and the Nasdaq Composite at 25,442.31 (−2.84%), with Intel and Reddit each down 29%. The VIX is about 22.75 and the 10-year Treasury yield 4.917%.
Sources: TheStreet
For information only. This is not investment advice.
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