Tel Aviv Stocks Face Declines as Tech Slump Hits Wall Street Futures
Tel Aviv stocks are heading for monthly losses amid sharp tech drops on Wall Street, where Intel and Amazon plunged following weak earnings reports.
The Tel Aviv Stock Exchange is set to open its final trading session of the week under pressure, following sharp declines in US tech futures. Nasdaq futures are down 1.8%, and S&P 500 futures have shed 0.8%, driven by disappointing corporate earnings from US tech giants.
Intel shares plummeted 23.2% in after-hours trading after issuing a weak quarterly forecast and pointing to a slowdown in the personal computer market. Meanwhile, Amazon dropped 6.8% after reporting third-quarter revenue and profit figures that fell short of Wall Street expectations. On Wall Street yesterday, the Nasdaq fell 1.4%, while Alphabet suffered its worst trading day in history, plunging 12.6% following its earnings report.
On the local market, the Tel Aviv indices are heading toward monthly losses. Since the beginning of October, the Tel Aviv 35 index has dropped 1.4%, and the Tel Aviv 125 has lost 1.6%. The insurance sector suffered the steepest monthly decline, plunging 7.1%, whereas the oil and gas sector managed to climb 5.1% over the same period.
