Tech stocks are taking a big hit on the stock market today, and they really only have themselves to blame.
» Read more about: Google, Reddit, and more tech stocks plummet: What’s driving market shocks »
A sell-off for tech stocks got even worse Friday on worries that Wall Street’s frenzy around artificial-intelligence technology sent prices too high.
The S&P 500 tumbled 1.8% for its worst day since June, and it closed out a third straight losing week. The weakness for technology stocks dragged the Nasdaq composite down a market-leading 2.9%,
New York. Shares in US tech giants tumbled on Friday, capping a week of earnings reports that raised questions on Wall Street about whether the AI spending boom was sustainable.
Microsoft, Alphabet and Amazon all reported quarterly results this week, signaling they would continue pouring money into data centers and chips even as investors grow impatient for returns.
» Read more about: Tech Stocks Slide as Investors Demand Returns on AI Spending »
ARK’s actively managed ETFs made a mix of moves, trimming some established holdings while adding to smaller healthcare names.
ARK Genomic Revolution ETF increased its exposure to Tempus AI, Pacific Biosciences of California, Beam Therapeutics, and Arcturus Therapeutics.
Eli Lilly was among ARK’s notable trims on Friday,
Earnings for S&P 500 (SNPINDEX:^GSPC) companies are rising at a pace the index has rarely kept up. With around a quarter of the index’s companies having reported, FactSet’s Oct. 23 update put the third-quarter blended growth rate at 29.5% year over year (that number combines actual results so far with estimates for companies still to report).
Tech heavy indices have taken a hit as investors question huge AI spending, which leaves many traders searching for growth stories that are tied less to data centers and more to hard science. That is where high risk, high potential biotech stocks with solid finances come into focus. This article walks through three such biotech stocks screened for balance sheet strength and valuation discipline.
» Read more about: 3 Biotech Stocks With Upside Of Up To 80% »
More than 640 days have passed since Donald Trump took the oath of office at the Capitol and delivered a grandiose inaugural address in which he declared: “The Golden Age of America begins right now. From this day forward, our country will flourish and be respected again all over the world.”
Nearly two years later,
When a respiratory infection stretches from days into weeks, many workers assume their years of payroll tax contributions will cushion the blow. The real answer depends on a definition of disability most people have never read.
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