Tech Stocks Slide as Earnings Disappoint; Nasdaq Enters Correction Territory

US stocks fell Thursday under pressure from disappointing tech earnings and high Treasury yields. The Dow fell 0.8%, the S&P 500 dropped 1.2%, and the Nasdaq sank 1.8%.

Shares of Meta and Alphabet slid after soft ad revenue and cloud business misses. Apple, Amazon, and Microsoft shares also fell.

The Nasdaq is now down over 10% since July, entering correction territory. The S&P 500 is nearing a 10% drop.

Rising Treasury yields have impacted tech stocks. The 10-year yield hovered near 5% before retreating to 4.85%.

US Q3 GDP grew at a strong 4.9% rate despite high interest rates. But mortgage rates continued climbing, averaging 7.79% this week.