The technology sector, as measured by the XLK ETF, fell in after-hours trading following disappointing quarterly results from Alphabet (GOOGL) and Amazon (AMZN). [2, 10] Alphabet's shares dropped significantly after missing revenue and profit expectations, raising concerns about spending on artificial intelligence and a slowdown in its core search advertising business. [5, 7, 11] Amazon also saw its stock decline after its results fell short of analyst estimates. [10] The negative reports from these two tech giants sparked a wider sell-off across the sector. [7, 9]
Tech Sector Declines After-Hours on Disappointing Mega-Cap Earnings