Tech Sell-Off Drags Markets Lower as Block and Nvidia Lead Declines
Block, the payments firm founded by Jack Dorsey, tumbled 10% after posting weaker-than-expected third-quarter results. Earnings per share of 54 cents fell short of the 67-cent consensus, while revenue of $6.11 billion missed estimates of $6.31 billion. Despite a modest 2% year-over-year growth, Block shares have now slumped 24% in 2024—a stark reversal for Dorsey’s once-high-flying fintech platform.
The pain spread across tech, with Nvidia sinking 4% on Friday to cap an 11% weekly drop. Oracle mirrored the decline, while Palantir Technologies cratered 15% and Broadcom lost 8%. The sell-off dragged major indices into the red: the S&P 500 fell 1.2%, the Nasdaq Composite dropped 2%, and the Dow Jones Industrial Average slid 416 points. All three benchmarks posted weekly losses exceeding 2%.
