Wall Street opens lower as Amazon and Intel deepen tech selloff
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.