Sell-off for tech stocks deepens, drags Wall Street toward its worst day since June

A sell-off for tech stocks is getting worse Friday on worries that Wall Street’s frenzy around AI sent prices too high. The S P 500 dropped 1.8% and was on track to erase its gain for October, even though it set its all-time high during the month. The Nasdaq composite was likewise heading toward its worst day since June, as the weakness for technology stocks dragged it down 3%, as of 12:55 p.m. Eastern time. The Dow Jones Industrial Average was down 496 points, or 0.9%. Intel’s stock led the way downward and is flirting with its worst day since 1974 after tumbling 30.1%. The chipmaker gave a forecast for profit in the final three months of this year that fell short of analysts’ expectations, as CEO Lip-Bu Tan said the personal-computer industry continues to feel pressure. The drop came even though Intel reported a stronger profit for the latest quarter than analysts expected. Amazon sank 2.3% after reporting a weaker profit for the summer than analysts expected. Potentially mo