U.S. Stocks Open Lower; Intel Plunges 26% on Weak Outlook and Amazon Falls 5% on Rising AI Spending; Reddit Plunges 22% On Weak user and Revenue Growth

Tiger Newspress10-30 21:30

The Nasdaq Composite tumbled on Friday, while the Dow Jones Industrial Average outperformed as traders moved out of key stocks related to artificial intelligence and into more defensive areas of the market.

The tech-heavy Nasdaq lost 2.2%, while the blue-chip Dow was down 155 points, or 0.3%. The S&P 500 slid 1.2%

Intel stock was falling after underwhelming guidance surprised the market, following a fatal explosion at one of its facilities. Its weak forecast for the PC market was dragging down peers Dell Technologies and HP.

Amazon was down after third-quarter earnings came in below Wall Street’s expectations on the back of revenue from retail and advertising.

Reddit plans to require all users to create official accounts to access the social media platform, marking a major departure for the site known as “the front page of the internet.”The company revealed the change Thursday as part of its third-quarter earnings, in which it beat on the top and bottom lines, but provided weak fourth-quarter sales guidance.

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