The Nasdaq 100 fell as much as 4.5% during Friday trading, leaving the index down more than 10% from its recent high and close to what would be its third technical correction of the year. For the week, the index was down about 3%.
The move came after weaker-than-expected earnings performances from Alphabet, Amazon, Intel and ServiceNow, which triggered a broad sell-off in technology shares. According to market strategists cited in the report, investors are now paying closer attention to the return on capital from artificial intelligence spending and whether those investments can ultimately be recouped.
The report was published by ChainCatcher as a market analysis newsflash.
The Nasdaq 100 fell as much as 4.5% during Friday's U.S. trading session, putting the index more than 10% below its recent high and leaving it on the verge of a third technical correction this year, according to ChainCatcher.
The index was down about 3% for the week. Weak earnings performances from Alphabet, Amazon, Intel and ServiceNow sparked a sell-off in technology stocks. Market strategists said investors have started to focus on the return on capital from AI spending and on whether the principal invested can be recovered.
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