Nasdaq index lead the stocks lower

The major indices are opening lower. The declines are being led by the NASDAQ index which is down about -1.5%. Intel is getting smashed by around 10% after reporting higher earnings but guiding lower and announcing a delay in their chip development. 

 

The S&P index has turned negative for the week. It is also back negative for the year at -0.62%. The NASDAQ index which was pushing +20% for the year is now trading plus and 14.5% for the year.

 

A snapshot of the market currently shows:

 

• S&P index -20 points or -0.63% at 3215.08
• NASDAQ index -158 points or -1.52% at 10304
• Dow industrial average -158 points or -0.59% at 26492

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