Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.

Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.

Business is booming for two biggest US oil companies, with both benefiting from higher prices and record production

ExxonMobil and Chevron both reported better than expected quarterly results on Friday as the oil majors benefited from higher prices and record production.

The boon for oil companies has simultaneously been a major pain point for consumers, who say the higher cost of living, especially gas prices, will affect how they vote in the upcoming midterm elections that will determine control of Congress.

Andrea Egan calls for same political focus on teachers, care sector and NHS and says Jackdaw decision ‘a serious misstep’

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The leader of the UK’s biggest trade union has called for the same political focus to be given to NHS, education and care sector workers as there has been on those employed in North Sea oil and gas.

Andrea Egan, the general secretary of Unison, said too often public sector workers were treated as an “afterthought” by the government compared with the “massive political focus” on protecting jobs in the North Sea.

Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’

BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period ​a year ​ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.

Oil giant hails ‘banner quarter’ as earnings reach $8.46bn, prompting anger from climate campaigners

BP’s profits have hit their highest level in almost two decades as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), from $2.2bn ​a year ​ago.