{"id":48559,"date":"2024-08-07T03:43:34","date_gmt":"2024-08-07T07:43:34","guid":{"rendered":"https:\/\/usa.businessupturn.com\/?p=48559"},"modified":"2024-08-07T03:43:34","modified_gmt":"2024-08-07T07:43:34","slug":"tech-stocks-experience-worst-three-week-decline-in-two-years","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/tech-stocks-experience-worst-three-week-decline-in-two-years\/48559\/","title":{"rendered":"Tech Stocks Experience Worst Three-Week Decline in Two Years"},"content":{"rendered":"<p>The Nasdaq Composite plunged 3.4% this week, extending its three-week decline to 8.8%, marking the steepest drop for the tech-heavy index since September 2022. This downturn follows a season of disappointing earnings from major tech companies, overshadowing the previous optimism surrounding the tech sector\u2019s recovery and AI advancements.<\/p>\n<p>Key Earnings Reports and Market Reactions:<\/p>\n<ul>\n<li>Amazon: The stock fell 8.8% on Friday, contributing to a 14% decline over the past three weeks. Amazon\u2019s revenue missed expectations, and the company projected softer growth due to consumers opting for cheaper household items and reduced spending on higher-ticket products.<\/li>\n<li>Apple: Despite reporting top-line growth of 5% and a slight increase in stock price this week, Apple has experienced a drop of over 5% in the previous two weeks.<\/li>\n<li>Microsoft: Shares slid 4% this week and are down 10% over the past three weeks. Microsoft\u2019s weaker-than-expected forecast and underwhelming performance in its Azure cloud segment contributed to the decline.<\/li>\n<li>Alphabet: The company\u2019s stock fell slightly this week following a 10% drop in the previous two weeks. Alphabet\u2019s YouTube ad revenue missed estimates, and overall ad growth was significantly lower than rival Meta.<\/li>\n<li>Meta: Standing out positively, Meta\u2019s stock rose almost 5% this week after beating estimates and issuing an optimistic forecast. However, it remains down over the past three weeks.<\/li>\n<\/ul>\n<p>Notable Moves in the Semiconductor Sector:<\/p>\n<ul>\n<li>Nvidia: Despite being a major beneficiary of the AI boom, Nvidia\u2019s stock fell 17% over the three-week period. The company, scheduled to report results on August 28, has seen significant gains year-to-date but remains vulnerable to market fluctuations.<\/li>\n<li>Intel: The company faced its worst day in 50 years, with a 26% drop in stock value. Intel reported a substantial earnings miss and announced a major restructuring plan, including a 15% workforce reduction. Analysts expressed skepticism about Intel\u2019s ability to overcome its challenges.<\/li>\n<\/ul>\n<p>The tech sector\u2019s recent struggles reflect broader economic uncertainties, including slower job growth and weakening manufacturing data, which have impacted investor sentiment and contributed to the current market slump.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amazon and Intel Lead Market Downturn<\/p>\n","protected":false},"author":331,"featured_media":48486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[1094,6467,9124,9130,4745],"class_list":["post-48559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-amazon","tag-intel","tag-nasdaq","tag-stocks","tag-tech"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48559"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48486"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}