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 Dow 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 Dow 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.

Mary Peltola denies knowledge as party accused of recruiting spoiler candidate with same name as sitting Republican

• Alaska Senate race: what to know about Democrats’ alleged ballot-stacking effort

The top federal prosecutor in Alaska confirmed on Friday the existence of a criminal and a civil investigation into an alleged scheme by Democrats to confuse voters by recruiting a spoiler candidate on the ballot for US Senate who shares a name with the Republican incumbent, senator Dan Sullivan.

Speaking at a news conference in Anchorage on Friday, US attorney Michael Heyman cited reporting by the New York Times which suggested that the Senate campaign of Democrat Mary Peltola and national Democrats had, in his words, “orchestrated a sprawling conspiracy to recruit and prop up Daniel J Sullivan as a sham candidate”.

• Carolina Panthers 19-27 Green Bay Packers

• Packers WR has 113 receiving yards despite injury

Jordan Love threw three touchdown passes, Josh Jacobs scored twice and the Green Bay Packers withstood three turnovers to beat the Carolina Panthers 27-19 on Thursday night.

Love went 30 of 41 for 288 yards with touchdown passes to Tucker Kraft, Matthew Golden and Jacobs plus an interception. Although he rushed for only 39 yards on 21 carries against the NFL’s lowest-ranked run defense, Jacobs scored on a four-yard catch and one-yard run for the Packers (5-3).