US tech stocks extend drop, NASDAQ down around 8% from record high

The US stocks saw heavy losses on Friday after the latest tech earnings reignited concerns over recent spate of hefty spending on AI. The Nasdaq Composite tanked 2.86% and the S&P 500 fell 1.82%, each suffering their worst day since June. The Dow fell 572 points, or roughly 1.1%. Recent selling has pulled indices off their record high. The Nasdaq has lost 7.8% from its record high and suffered its worst monthly decline since March 2025. The S&P 500 also fell around 3% since its peak. US stocks plunged heavily last week following earnings from Amazon and Alphabet. For the month of October, the Dow added 1.5%, while the Nasdaq and S&P 500 slipped 5.2% and 1.2%, respectively.

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