Tech stocks plunge: Wall Street's worst day since June
Part of composite article Google and Intel Wipe Out $630 Billion as AI Spending Fears Slam Tech Stocks View full article →
A sell-off in technology stocks worsened on Friday, driven by fears that Wall Street's excitement over artificial intelligence (AI) has pushed prices too high.
The S&P 500 fell 1.8 per cent, its worst day since June, and recorded a third straight losing week. Weakness in tech stocks pulled the Nasdaq composite down 2.9 per cent, leading the market's decline. The Dow Jones Industrial Average dropped 572 points, or 1.1 per cent.
The US stock market is now only 3.1 per cent below its record high.