A burst of heavy selling pummeled technology stocks and cryptocurrencies, spurring losses in equities while reinforcing a bid for the safest corners of the market.
Another batch of disappointing tech earnings intensified the industry selloff, with traders increasingly questioning the payoff from massive artificial-intelligence investments. The Nasdaq 100 fell about 3%. Intel Corp. sank 27% after its revenue forecast missed analysts’ estimates. Amazon.com Inc. slid 5.5% after the company reported greater capital spending.
Bitcoin slipped to around $77,000, deepening a selloff after Binance Holdings revealed a record hack that rattled the crypto industry and renewed questions about the security of customer assets — even at the world’s largest digital-asset exchange. Oil rose on worries that the US may resume strikes against Iran, risking fresh turbulence in the Middle East.
The flight to safety gained momentum, driving Treasuries toward their best month since since February 2025.