A bruising week for Big Tech earnings ended on a sour note Friday, with Nasdaq-100 futures down 2% before the open. Intel shares slumped 25% in premarket trading after the chipmaker gave a weaker-than-expected outlook, blaming a still-soft PC market. Amazon fell 7% after missing third-quarter revenue and profit forecasts and posting a second straight quarter of negative free cash flow, this time much deeper. The company kept its 2026 capital spending plan at $220 billion. Chip stocks including Micron, Nvidia and Arm traded lower, while ASML led sharp losses in Europe. Alphabet closed 13% down on Thursday, its worst day ever. Raymond James’ Matt Orton said fundamentals remain intact but warned that positioning in tech is still crowded.
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