The technology sector is currently facing a sell-off, with the Nasdaq 100 Index recording its largest weekly drop since November 2022 amidst a four-week losing streak, the longest since December 2022. Nvidia Corp., a prominent AI company, also suffered a significant blow, with its stock plummeting 10% on Friday, erasing $212 billion in market value. This marks its worst day since the onset of the Covid pandemic in March 2020.
Key takeaways:
- Big Tech earnings are set to be announced next week, coinciding with investors seeking an AI-powered rebound in the S&P 500 Index.
- Microsoft Corp., Meta Platforms Inc., Google parent Alphabet Inc. and Tesla Inc., all part of the 'Magnificent Seven' tech giants, will report their earnings next week.
- The Nasdaq 100 Index is experiencing a sell-off, registering its biggest weekly drop since November 2022 and is in the midst of a four-week losing streak, its longest since December 2022.
- Nvidia Corp., a prominent AI company, saw its stock plunge 10% on Friday, erasing $212 billion in market value, marking its worst day since the Covid pandemic in March 2020.