Nasdaq heads for worst day in nearly 2 months as tech stocks tumble

Technology stocks were already sinking fast barely 30 minutes after Thursday’s opening bell.

Their weakness was helping to push the Nasdaq Composite toward its worst day since Sept. 6, according to FactSet data.

Disappointing results from Microsoft Corp. and Meta Platforms Inc. helped to weigh on megacap stocks, including members of the Magnificent Seven, on Thursday. Shares of eBay, Roku and Robinhood Markets also sank after their respective earnings reports.

Meanwhile, Super Micro Computer continued to decline, adding to its losses from Wednesday, which followed news that its auditor had quit.

Concerns about the hyperscalers’ AI-related spending were also weighing on shares of semiconductor companies. Nvidia Corp. was lower, as was Advanced Micro Devices, which slumped after sharing its own disappointing earnings report earlier this week.

The result? The Nasdaq was down 366 points, or 2%, at 18,247 in recent trade, after briefly climbing back into record territory earlier this week.