Intel Plunges 25.7% as Tech Selloff Hits U.S. Stocks at the Open

Intel shares fell 25.7% at the U.S. market open Friday, leading a technology selloff that pulled the Nasdaq down 2.2% as concerns about PC demand and cash flow pressured its recovery outlook.

The Dow Jones Industrial Average slipped 0.2%, while the S&P 500 fell 1.1%, putting all three major U.S. indexes in negative territory at the start of trading. Amazon dropped 5.3% after its fourth-quarter outlook came in below expectations. Nvidia fell 2.5%, while cloud computing company Nebius slid 7.3%.

Intel’s decline came amid a weakening PC market and pressure on free cash flow, weighing on expectations for a recovery. Gold and silver stocks also fell as trading began, while some oil shares moved higher. Exxon Mobil gained 1.5%.

Intel’s 25.7% slide was considerably deeper than the declines in Amazon, Nvidia and Nebius, which lost 5.3%, 2.5% and 7.3%, respectively. The Nasdaq posted the steepest decline among the three major indexes.