Stocks dropped sharply Friday extending the previous session's declines, after a slew of disappointing earnings from big technology names rattled investors.
Intel plunged 29% and was the worst performer in the S&P 500. Its underwhelming guidance surprised investors, following a fatal explosion at one of its facilities. The company's weak forecast for the personal-computer market also dragged down peers Dell Technologies and HP Inc., which declined 9% and 8.8%, respectively.
Reddit was next among the worst performers, plummeting 26%. The company's third-quarter earnings showed weaker-than-expected user growth as traffic trends continue to face pressures from Google search updates.
Amazon.com was down 2.5% after third-quarter earnings came in below Wall Street's expectations on the back of revenue from retail and advertising.
Alphabet declined 1.3% after logging its worst every daily percentage decline on Wednesday of 12.6% as the company's core advertising business in search and YouTube struggled.
Cryptocurrency stocks slumped as the digital asset space was hit with a $6.3 billion hack at Binance, the largest crypto exchange. Coinbase Global tumbled 13%, Robinhood Markets dropped 8.3%, and Circle Internet declined 9.3%.
Twilio slumped 18% after lowering its revenue guidance for the fourth quarter, raising concerns that its AI business hasn't been living up to expectations.
Roblox dropped 17%. The gaming company said the number of daily active users on its platform dropped 9% from a year ago to 138 million during the third quarter, while engagement hours fell 15% to 34 billion.
Sandisk fell 10%. The semiconductor reported fiscal first-quarter revenue and profit that beat Wall Street's estimates. Its board of directors also approved an 8-for-1 stock split, with split-adjusted trading expected to start Nov. 30.
Illumina declined 13%. Though the company raised its fiscal-year outlook and beat earnings estimates, it wasn't enough to escape the broader technology selloff.
Alphatec was on track for its worst day in over two years, plunging 36% after missing third-quarter estimates and slashing its full-year revenue guidance.
The tech selloff was also taking down cloud-computing companies, with CoreWeave and Nebius Group dropping more than 8%. Chip stocks were also falling with Advanced Micro Devices down 9.9%.
Things were brighter for oil companies. ExxonMobil rose 1.9% and Chevron gained 1.7% after both banked huge third-quarter profits.
Meanwhile, the top S&P 500 stock on Friday was FedEx Freight, which advanced 13%. Management raised its outlook for adjusted operating profit for the transition period from June 1 through Dec. 31, to $695 million to $715 million, up from a prior guidance of $605 million to $645 million. Shares of FedEx gained 2.4%.
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