What Happened Last Week · What Is Coming This Week
Tech Selloff Drags Nasdaq 100 Fund Down 2% for the Week
Last Week
Big Tech's cash problem set the tone last week. Capital spending outran cash flow at Alphabet and Amazon, and Intel's PC warning spread the selling into chipmakers. Most of the losses came on Thursday and Friday.
Alphabet reported earnings of $2.12 a share against expectations of $3.11. It spent $51.4B on capex in the third quarter, leaving free cash flow at negative $9.1B. The stock fell about 10% in the next morning's premarket.