(Reuters) – Wall Street is headed for a correction, falling more than 10% from its peak in July after weak jobs numbers fueled fears of a slowdown in the U.S. economy, while estimates fell to Amazon (NASDAQ: ) and Intel (NASDAQ: ) further weighed on sentiment.
The lowest hit since July 11 and the Dow is on track for its biggest two-day percentage decline since early March 2023.
At around 4.40pm, the Average was down 771.31 points, or 1.91%, at 39,576.66, the S&P 500 was down 134.39 points, or 2.47%, at 5,312.29, and the Nasdaq Composite lost 551.4%, or 3.64%. %, or 4.12.
Amazon fell 12% after the company reported a slowdown in online sales growth in the second quarter and underscored increased consumer caution, looking for cheaper shopping opportunities.
Intel fell 29% after forecasting lower-than-estimated third-quarter profit and suspending its dividend starting in the fourth quarter.
Other chip-related stocks are also on track to extend yesterday’s losses. Nvidia fell 4.4%, Broadcom lost 3.0%, Micron Technology fell 6.3% and arm Holdings (NASDAQ: ) fell 8.3%.
Apple (NASDAQ: ) rose 2.0% on better-than-expected third-quarter iPhone sales and forecasts of additional profits, which use artificial intelligence to attract buyers.
Other megacaps such as Microsoft (NASDAQ: ) and Alphabet (NASDAQ: ) lost between 2 and 3%. The Meta also lost (-3.3%) after climbing yesterday following positive results.
In other stocks, Snap (NYSE: ) fell 26.2% after forecasting lower-than-expected current quarter results.
Chevron fell 2.2% after the oil major missed second-quarter profit estimates, hurt by weak refining margins.
(Translated by Chiara Scarciglia, edited by Andrea Mandalà)