Market Jitters: Big Tech Selloff Amid Economic Slowdown Concerns

Global equity markets saw a significant selloff as concerns over the U.S. economy and disappointing forecasts from Amazon and Intel affected technology stocks. The S&P 500 dropped 1.84% and the Nasdaq fell 2.43%, driven by fears of a recession and weak employment data. Rate cuts by the Federal Reserve are anticipated, but market participants remain cautious.

Global equities sold off on Friday and U.S. Treasury yields hit multi-month lows amid economic concerns and pessimistic forecasts from Amazon and Intel, which impacted highly-valued technology firms.

The S&P 500 dropped 1.84%, while the Nasdaq Composite index declined 2.43%, indicating a market correction fueled by worries over Big Tech valuations and discouraging employment data.

Market experts, including Lamar Villere of Villere & Co and Josh Wein of Hennessy Funds, agree that the Fed's potential rate cuts may come too late, hinting at a possible recession. Despite the downturn, some view this as a necessary correction after a period of inflated tech stock valuations.

(With inputs from agencies.)