Tech sell-off deepens, Wall Street heads for worst day since June

A deepening sell-off in technology stocks pushed Wall Street toward its worst day since June, with the Nasdaq down 3.1 per cent and the S&P 500 falling 1.9 per cent by Friday afternoon, erasing October gains. Canada's S&P/TSX composite index dropped about 2.3 per cent. Intel led declines, tumbling 30 per cent toward its worst day since 1974 after a weak profit forecast, while Amazon fell 2.1 per cent following heavy cash spending on AI infrastructure. Alphabet dropped 12 per cent a day earlier, fueling concerns that massive AI investments may not yield sufficient profits. Nvidia shares fell 4.8 per cent, and bitcoin slid toward $77,000 US after a hack on Binance. Outside tech, oil and consumer stocks rose on strong earnings, while Treasury yields eased as investors sought safer options.