Although the plunge in oil prices and China's stock market dominate the headlines, new developments this week show another key leg is faltering — technology stocks.
Nasdaq is down more than 10 percent for the month, on pace for its worst monthly performance since October 2008, during the financial crisis. The Market Vectors Semiconductor ETF is down more than 12 percent year-to-date. Both are tracking significantly worse than the general market.
Intel dropped more than 8 percent Friday after reporting weaker than expected data center segment sales and financial guidance. After taking account of the $400 million revenue benefit from the recent Altera acquisition, Intel's first quarter forecast was lower than historical seasonality norms.
"This outlook represents a soft start to the year, as we remain cautious on the level of economic growth, particularly in China," Intel's chief financial officer Stacy Smith said on the earnings conference call Thursday, according to a FactSet transcript.
Intel's disappointing news follows the market research firm IDC's report Tuesday, which stated 2015 was the worst annual decline for PC shipments in history.
Read more: Not just oil and China, tech is falling apar
Nasdaq is down more than 10 percent for the month, on pace for its worst monthly performance since October 2008, during the financial crisis. The Market Vectors Semiconductor ETF is down more than 12 percent year-to-date. Both are tracking significantly worse than the general market.
Intel dropped more than 8 percent Friday after reporting weaker than expected data center segment sales and financial guidance. After taking account of the $400 million revenue benefit from the recent Altera acquisition, Intel's first quarter forecast was lower than historical seasonality norms.
"This outlook represents a soft start to the year, as we remain cautious on the level of economic growth, particularly in China," Intel's chief financial officer Stacy Smith said on the earnings conference call Thursday, according to a FactSet transcript.
Intel's disappointing news follows the market research firm IDC's report Tuesday, which stated 2015 was the worst annual decline for PC shipments in history.
Read more: Not just oil and China, tech is falling apar
