Tech Selloff Deepens as AI Valuation Fears Hit Wall Street; S&P 500 Falls 1.8%

Wall Street's tech selloff intensified Friday on fears that AI-driven enthusiasm pushed valuations too high. The S&P 500 dropped 1.8% for its worst day since June, while the Nasdaq composite fell 2.9% and the Dow Jones Industrial Average lost 1.1%. Intel sank almost 29% — its worst day since 1974 — after issuing a profit forecast below analyst expectations. Amazon's latest earnings report heightened concerns over corporate AI spending. Treasury yields fell as investors sought safer assets, even as oil prices rose. The S&P 500 fell 140.32 points to 7,580.07. The Dow fell 572.25 points to 51,770.31. The Nasdaq fell 747.73 points to 25,437.00. The Russell 2000 fell 47.37 points, or 1.7%, to 2,811.84.