Amazon and Intel shares were down in premarket trading on Friday after they reported September quarter numbers that disappointed investors, dragging Nasdaq futures down 2% and capping off a week of rough tech earnings.
Amazon shares were down 7% in premarket trading, while Intel was down 25%.
Amazon reported a third-quarter miss on the top and bottom line while maintaining its capital expenditure forecast for 2026 of $220 billion this year. Amazon also reported negative free cash flow for the second consecutive quarter, much larger than the previous period.
Chip stocks including Micron, Nvidia and Arm were lower in premarket trade in the U.S., while major European semiconductor names, including ASML, saw sharp declines.
A tough week for tech earnings
Investors are nervous about the massive AI spending from the tech giants and whether that will pay off.
Nasdaq-100 futures were down 2% in early trading as tech stocks remained under pressure, which could put the tech-heavy index into negative territory this week.
