Nasdaq drops 4.5% as semiconductor index falls 15% in a month
Recorded the Nasdaq its worst weekly fall in months with a 4.5% decline. Dropped semiconductor stocks 6.7% in one session as investors demanded AI revenue proof.
The Nasdaq stock index suffered its worst week in months after falling 4.5% in the week ending Oct. 16, continuing its decline through Oct. 23, according to Yahoo Finance and CNBC live reports. The Philadelphia Semiconductor Index dropped 6.7% in a single trading session on Thursday, Oct. 22, bringing its total monthly decline to approximately 15%.
Investors demanded proof of revenue returns on artificial intelligence investments ahead of key earnings reports scheduled this week for Alphabet and Microsoft on Wednesday and Amazon on Thursday, according to Yahoo Finance and CNBC live reports. S&P 500 third-quarter earnings growth remained on track at approximately 32%.
What do these terms mean?
Philadelphia Semiconductor Index: A market capitalization-weighted index that tracks the performance of top companies involved in the design, distribution, manufacture, and sale of semiconductors.
S&P 500: A stock market index that measures the stock performance of 500 of the largest public companies listed on stock exchanges in the United States.
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