The Nasdaq Composite Index (NDX) is down nearly 450 points or 2.37% after third-quarter financial results and guidance from several leading technology companies disappointed investors.
The Nasdaq, which is operated by parent company Nasdaq Inc. (NDAQ), is deep in the red as investors react badly to recent earnings prints from Meta Platforms (META) and Microsoft (MSFT). Each of those stocks was down more than 4% by midday on October 31.
At the same time, the stock of Super Micro Computer (SMCI) continues to sell off, falling 14% after a 33% plunge on October 30, as an accounting scandal at the maker of high-efficiency servers appears to be worsening. Super Micro Computer led the entire chip sector down, with shares of Nvidia (NVDA) trading 5% lower at noon hour in New York.
Poor Guidance and AI Spending
While Meta Platforms and Microsoft each managed to beat analysts’ consensus forecasts with their third-quarter…
