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U.S. stocks fell sharply in pre-market trading, with the S&P 500 down 1.0% and the Nasdaq 100 down 2.2%, following disappointing results and guidance from Intel and Amazon that accelerated a rotation out of the tech sector. Intel shares plunged 25% as the company projected a soft PC demand outlook expected to persist through mid-2027 and Amazon missed overall revenue projections.
Gary Black, identified as managing partner and investor at The Future Fund, flagged these market moves and their drivers in a recent post.
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Earlier this year, Gary Black highlighted caution around Tesla after negative earnings revisions and autonomy-related risks in a separate note. He more recently pointed to the positive impact of SPCX’s third-quarter results, which boosted technology shares such as Nvidia and Dell, as reported in another market update. These observations add context to his focus on major tech stock movements.