The US stock market plunged into chaos on Friday as investors digested a streak of negative economic data and disappointing earnings from megacap tech companies.
All three major US indexes closed more than 1.5% lower, with tech and small-caps taking the biggest hit. The Dow Jones industrial average was down almost 1,000 points at intraday lows. The moves continued a marketwide skid that started on Thursday. The S&P 500 ended up sliding 3% in just two days, while the tech-heavy Nasdaq Composite is down nearly 5% over the period, and now sits in correction territory.
The sell-off began gathering momentum on Thursday amid a slew of weak data points. Jobless claims climbed near a one-year high, while manufacturing data came in well below estimates.
Investors became even more discouraged after Thursday's closing bell, with disappointing earnings reports from Amazon and Intel. Amazon missed its second-quarter sales forecast and issued light guidance for the third quarter. Intel, meanwhile, announced plans to cut 15,000 workers and gave a dismal growth forecast. Its stock plunged as much as 30%, the biggest single-day decline since at least 1982.
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