Nasdaq opens down more than 2% as Intel plunges about 26% and Amazon slides

Wall Street opened Friday with a broad tech selloff after Intel and Amazon results released late Thursday. The Nasdaq Composite fell more than 2% in the first minutes of trading, while the Dow held up better thanks to gains in energy shares.

Why it matters — Intel is on track for its worst day in more than two years after guiding fourth-quarter revenue below expectations and warning of sluggish PC sales, as the memory-chip shortage pushes PC prices higher. Amazon’s rare earnings miss and heavy capital spending added to worries about how long Big Tech can keep funding the AI build-out, which has been the main engine of this year’s rally.

Market reaction — Chip and AI-linked names led losses, while crypto-related stocks were also weak after the Binance hack pushed bitcoin down about 4% toward $77,000. The 10-year Treasury yield eased to about 4.93% and gold slipped below $4,000 an ounce as investors moved toward bonds.

WMR data — Check the VIX, the 10-year yield and the dollar index on Market pulse to see whether the tech selloff is spreading into a broader risk-off move.

What to watch next — Whether the Nasdaq’s loss holds beyond 2% into the close, further analyst target cuts on Intel and Amazon, and next week’s results from other AI-exposed companies.