The Nasdaq is on track to plunge nearly 4% at Friday's open after Amazon reported disappointing sales and guidance. Amazon shares plummeted 10% in premarket trading.
Google owner Alphabet tumbled 5% on weaker-than-expected revenue. And Snap fell after failing to curb an exodus of users.
The tech selling spread to the Dow, which is on track to open 300 points lower. The S&P 500 is also poised to open in the red.
Friday's slide is just the latest in a series of wild moves on Wall Street. The Dow soared 401 points on Thursday, after plunging more than 600 points the day before.
A variety of fears have sent stocks into a tailspin this month. The Nasdaq is on track for its worst month since November 2008.
Although Amazon reported record profit, the weaker-than-expected revenue and outlook underscores concerns that investors got too euphoric about highflying stocks.
The markets are starting to price in slower economic and profit growth as the bull market and business cycle age. The stimulus from tax cuts will eventually fade and the Federal Reserve's interest rate hikes may also slow growth.
Investors are also worried about how the economy is holding up under pressure from slowing global growth and trade wars. The government's third-quarter GDP report, set for release on Friday morning, is expected to show strong but decelerating growth.
Global markets have also been in turmoil. European markets opened sharply lower, while Asian markets closed in the red.
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