Technology shares sold off for a second consecutive day as another round of disappointing earnings accelerated a rotation out of the artificial intelligence trade and drove investors toward haven assets such as Treasuries. Crude oil gained.
Futures for the Nasdaq 100 Index slid 1.9% after earnings from Amazon.com Inc. and Intel Corp. raised fresh concerns about capital expenditure.
Amazon slumped 7.3% in extended trading, while Intel plunged 23%. Bitcoin fell 0.8% to about $78,000 after Binance, the world’s largest crypto exchange, suspended all deposits and withdrawals as it investigated a suspected hack.
Brent crude rose 1% to $116 a barrel on signs the US may resume military strikes against Iran, risking fresh turbulence in the region and hurting energy flows. Gold dropped below $4,000 an ounce, while silver slipped 1.5% and was poised for its weakest close since November.
As risk sentiment worsened, traders sought safety in haven assets such as the Swiss franc and Treasuries. The Swiss and the Japanese currencies were among the biggest gainers against the dollar among Group-of-10 peers, while Treasuries rose across the curve.
The yen held its gains as the Bank of Japan kept its policy settings unchanged as economists had predicted. After a three-day rally this week, technology stocks turned lower on Thursday as Alphabet Inc.’s shares posted a record drop following its results announcement.
Traders sold off Samsung Electronics Co.’s stock after the company’s earnings missed estimates and it delayed the release of its shareholder return plan.
