Nasdaq-100 fell as much as 4.5% intraday on Friday and is now more than 10%
below its recent peak, triggering its third technical correction of the year.
The index was down roughly 3% for the week. Disappointing results from Alphabet
(GOOG.O), Amazon (AMZN.O), Intel (INTC.O) and ServiceNow (NOW.O) set off a tech
selloff, and rising financing needs among tech firms have added to sector
volatility. Strategists say investors are re-evaluating AI returns and are
increasingly focused on return on invested capital and the likelihood of
recouping principal rather than assuming guaranteed outsized gains. US equities
last recorded three or more 10% swings in a single year in 2022.
