Block and Nvidia lead sharp tech sell-off as markets close the week deeply in the red

Block and Nvidia weren’t just part of the problem on Friday, they were the ￰0￱ ￰1￱ market took an aggressive beating to close out the week, led by tech names that couldn’t keep it together. Block, the payments company started by Jack Dorsey, plunged by 10% after reporting disappointing third-quarter ￰2￱ Cryptopolitan reported earlier, Block’s earnings per share came in at just 54 cents, while analysts surveyed by LSEG expected 67 ￰3￱ didn’t help either, coming in at $6.11 billion, short of the $6.31 billion expected. Sure, that’s still 2% higher than last year, but nobody’s clapping for single digits, and the stock has now fallen 24% this year.

It’s the latest blow to Dorsey’s once-shiny Square platform, which clearly isn’t printing profits the way it used to. Nvidia, Oracle and others sink deeper into red While Block was bleeding from weak earnings, Nvidia was dragging the rest of the tech market with ￰4￱ chip giant lost 4% just on Friday, closing out the week with a brutal 11% ￰5￱ wasn’t alone in the ￰6￱ also dropped 4%, locking in the same 11% weekly loss, while Palantir Technologies was down a painful 15% and Broadcom sank 8% this ￰7￱ leaders were no-shows when it ￰8￱ damage didn’t stop with individual ￰9￱ indexes followed them straight into the ￰10￱ S&P 500 fell 1.2%, while the Nasdaq Composite dropped 2%.

The Dow Jones Industrial Average slid 416 points, or 0.9%. These capped off an ugly ￰11￱ S&P 500 is now down 3% ￰12￱ Dow lost around 2%, and the Nasdaq cratered nearly 5% during the same ￰13￱ Friday morning, the S&P 500 broke below its 50-day moving average for the first time since April 30, ￰14￱ ended the index’s longest run without dipping below that average since a 147-day streak back in ￰15￱ fears rise as government shutdown delays key data This week wasn’t only about corporate ￰16￱ was also about rising fears that the ￰17￱ is losing ￰18￱ Friday, the University of Michigan dropped new data showing consumer sentiment is nearly at its lowest point ￰19￱ followed a Thursday report from Challenger, Gray & Christmas, which said October layoffs hit their highest level for the month in 22 ￰20￱ are seeing the signs, and none of them are ￰21￱ make it worse, the ￰22￱ shutdown has completely screwed up the economic ￰23￱ Bureau of Labor Statistics was supposed to release the nonfarm payrolls report Friday, but this marks the second month in a row it couldn’t ￰24￱ polled by Dow Jones had expected a 60,000 job decline and an unemployment rate rising to 4.5%, but with no official data, markets are flying blind.

Still, not everyone’s ￰25￱ Bennett, investment chief at Concurrent Asset Management, told CNBC that some money is rotating into value ￰26￱ said the sell-off isn’t too alarming when it comes to the “Magnificent Seven”, and that “AI spending is still here.” Leah added, “This AI rally that we’ve had I think does resume… It’s hard to call the top, but I don’t think we’re at the end of it.” Try telling that to traders who just watched Nvidia lose double digits in five ￰27￱ $50 free to trade crypto when you sign up to Bybit now