The Nasdaq index closed sharply lower following a significant decline in Alphabet Inc. shares. On October 30, the index fell by nearly 3% as investors rotated capital away from technology stocks. This sell-off in the tech sector, led by Alphabet's sharp slide, created substantial downward pressure on the market.
Major Wall Street indexes fell, while Intel shares posted their worst day since 1974 and chip stocks slid as investors reassessed data-center spending.
Read the full storyTechnology stocks came under heavier pressure amid warnings of cash burn, while energy companies bucked the trend after quarterly results beat expectations.
Revenue growth exceeded 25%, but capital spending surpassed operating cash flow and net income declined, intensifying investor scrutiny of returns on expansion.