The US stock market fell sharply amid the collapse of technology stocks. Reuters US stock indexes fell sharply on October 30 after the publication of quarterly reports from Intel and Amazon. Investors are concerned about the huge spending by technology companies on artificial intelligence and the uncertainty about the return on these investments. The Nasdaq index fell to its lowest level in three months and fell more than 8% from the peak reached on October 6, according to Reuters data. At the time of publishing the material, the main American indices showed the following decrease: - Nasdaq Composite - by 3.37%, to 25,303 points.
- S&P 500 - by 2.08%, to 7,560 points.
- Dow Jones - by 1.08%, to 51,779 points. The most serious losses were suffered by shares of technology companies: - Amazon - a decrease of 30.9%.
- AMD - 9-12.1%.
- Dell - ב-12.5%.
- HP - ב-10.8%.
- Nvidia - ב-5.3%.
- Intel - by 2.1%. According to Reuters, the combined market value of Amazon and Intel could be reduced by almost $200 billion, and the Nasdaq-100 index could lose more than $1 trillion in a single trade. Additional pressure on the market was exerted by reports of a hacker attack on the Binance crypto exchange, as a result of which, according to preliminary data, assets worth $6.3 billion were stolen. Against this background, currency base, strategy and robin stocks fell 8.8-13.6%. At the same time, oil companies ExxonMobil and Chevron showed growth in shares after posting strong quarterly results. Their profits have increased thanks to the high energy prices against the background of the war with Iran and disruptions in the supply of oil. The main factor behind the decline in the market was investor concerns that billions of dollars of investments in artificial intelligence might not bring the expected profit.