Tech Stocks Plunge Amid Disappointing Earnings and Escalating US-China Trade Tensions

Tech stocks fell, with the Nasdaq 100 dropping 1.2% and the S&P 500 declining 0.7%. Netflix sank 10.2% in its worst session since April 2022, while Intuitive Surgical soared 14% after posting better-than-expected quarterly results. Gold prices extended losses for a second straight day, with the metal falling 1.8% to $4,050 per ounce. The renewed threat of U.S. tech export controls to China offered some intraday support to the safe-haven asset. Crypto sentiment also turned negative, with Bitcoin slipping 0.3% to $108,000.