Pre-Market Report – Friday 23 October: US tech tumbles - Nasdaq and Chips fall hard - SPI down 19 - Yields drop on safe haven demand

US stock indices closed lower on Thursday amid a sell-off in technology stocks. The S&P 500 fell 1.2%, and the Nasdaq lost 2.9%, while the Dow closed flat. Tech stocks were under pressure as corporate earnings failed to impress, renewing concerns over the AI trade, while the rotation away from semiconductor stocks continued. Meta sank 7% despite reporting higher earnings and revenue, as its credit risk reached a record high. Meta plans to ramp up capital spending reignited fears that tech firms will take on more debt to finance AI infrastructure. Other hyperscalers also declined, with Alphabet (-3.2%), Microsoft (-2.2%) and Amazon (-4.6%) falling ahead of their earnings reports next week. Tesla dropped 3.1% after scaling back its spending plans, with capital investment in the previous quarter coming in below expectations. Lam Research tumbled 11.8% after issuing a disappointing outlook. Among chipmakers, Nvidia lost 4.4%, Micron shed 6.3%, AMD plunged 8.1%, and Intel fell 8%. Oil rises - Gold drops - Yields fall - SPI down 20 - TPW and MIN early. Marcus Today – Daily Market Insights Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise. If you'd like to go further: Start a free 14-day trial of Marcus Today http://bit.ly/mt-trial-podcast Join Marcus Today Use code MTPODCAST for 10% off http://bit.ly/mt-join-podcast-offer MT20 – Managed ETF Portfolio A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing. http://bit.ly/mt20-podcast Principles – How We Think About Investing A short video series on timing, behaviour, and decision-making. No stock tips. http://bit.ly/mt-principles-podcast — Disclaimer This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.