With Technology (XLK) down 2.1%, this looks like a sector-led move rather than a company-specific surprise.
The technology sector is experiencing a significant sell-off, driven primarily by weakness in semiconductor stocks. This follows a steep drop in Asian markets amid fears of a bubble in artificial intelligence and reports of China's advancements in chip manufacturing. Investors are also showing nervousness ahead of major tech earnings reports this week, with a focus on the return on substantial AI-related capital expenditures.