Weak earnings weigh on tech stocks, Nasdaq futures fall

Technology stocks look set to face further declines as a fresh round of disappointing earnings prompts investors to pull back from artificial intelligence investments. Massive capital expenditures have raised doubts in the market about the returns on these investments. Nasdaq 100 futures fell 1.6%, indicating that tech stocks remain under pressure after major Wall Street indexes retreated on Thursday. S&P 500 futures fell 0.6%. After a global selloff in AI stocks in the previous trading session, Asian markets are also expected to open weak, with Alphabet posting its largest one-day drop on record due to poor earnings results. Bearish sentiment intensified further on the last trading day of the month. Amazon plunged 7.3% in after-hours trading as its spending surged sharply while growth in its online business slowed. Intel tumbled 23% after hours as its revenue forecast fell short of market estimates, mainly dragged down by weak demand for PC processors and supply chain problems.