Wall Street opens lower as Amazon and Intel deepen tech selloff

invezz.com (Dutch) —

US stock futures fell sharply Friday after Amazon and Intel earnings deepened the tech selloff ahead of the opening bell, with Nasdaq 100 futures down 2.33% and S&P 500 contracts losing 1.04%. Amazon shares dropped 7.2% in pre-market trading despite 39% cloud revenue growth to $46 billion, as free cash flow turned to a $42.4 billion outflow over 12 months with $220 billion in planned 2026 capital spending. Intel fell 25% on weak PC demand and production constraints. US inflation rose to 3.6% annually, while Reddit shares plunged 21.1% on AI-driven traffic declines. Oil prices climbed toward $117 per barrel after a tanker was hit in the Strait of Hormuz, and Asian tech stocks fell sharply, with South Korea's KOSPI closing 3.48% lower. The Federal Reserve held rates at 3.75%-4%, with investors awaiting the Employment Cost Index report.


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