Stock Market Today: Nasdaq Drops More Than 2% as Amazon, Intel Results Extend Tech Sell-Off on Month's Last Day

Wall Street’s tech sell-off rolled into a second day on Friday, Oct. 30, the last trading day of the month. Disappointing earnings from Amazon and Intel, on top of Alphabet’s results earlier in the week, revived worries about how much Big Tech is spending on artificial intelligence, and the Nasdaq took the brunt of it.

This article is for general information only and is not investment advice.

Stock market today: where the major indexes stand

Early in the session, Yahoo Finance and Investopedia reported similar moves:

Figures were moving quickly. A Yahoo Finance quote shortly after 10:20 AM ET showed the Dow lower by about 0.75%, a steeper drop than the 0.3% cited in the same outlet’s text a few minutes earlier, so readers should treat any single snapshot as provisional.

All three major indexes also closed lower on Thursday, when the Nasdaq dropped 1.6% after Alphabet’s report weighed on tech, according to Investopedia.

What about stock futures before the open?

Before the bell, the futures market had already flagged a rough start for tech. At about 8:35 AM ET, Investopedia reported Dow futures hovering near unchanged, S&P 500 futures down 1.1% and Nasdaq 100 futures down 2.6%. That split between the blue-chip Dow and the tech-heavy Nasdaq held after the open.

Why are stocks down today?

The main driver is a fresh round of doubts about the AI trade.

• Big Tech spending: Yahoo Finance said results from Amazon and Alphabet this week “rekindled concerns” about the money flowing into AI. Yahoo Finance’s Jared Blikre noted that Amazon’s free cash flow over the 12 months through September was an outflow of more than $42 billion, the deepest in the company’s history.
• Intel’s outlook: Intel shares fell roughly 30% after a weak fourth-quarter forecast tied to a PC slowdown, Investopedia reported. (Our separate coverage looks at the Intel and Amazon moves in detail.)
• The “Magnificent 7”: Yahoo Finance’s Brian Sozzi reported that Meta and Alphabet were effectively in bear markets, down more than 20% from their 52-week highs, with Tesla, Amazon and Nvidia also well off their peaks.

Chip stocks and the semiconductor slide

The pain spread across chipmakers. Investopedia reported that AMD fell 9%, Marvell 6% and Broadcom 5%, while Micron and Nvidia each lost more than 3%. The iShares Semiconductor ETF, which counts Intel and AMD as its two largest holdings, was down 7%.

Crypto stocks fall after record hack

Crypto-linked shares were also hit. Bitcoin slid to about $76,600, down from a high near $82,000 on Thursday, according to Investopedia, which reported Strategy down 10%, Coinbase down 12% and Robinhood down 8%. Yahoo Finance tied part of the weakness to Binance’s confirmation of what the exchange estimated as a roughly $6.3 billion hack, which Binance said it would cover.

Other big movers: Reddit, Roblox, Pinterest

Several internet names fell after earnings. Yahoo Finance reported Reddit down 24% after weaker-than-expected daily active users and a soft revenue forecast, Roblox down 16% as daily active users fell 9% year over year, and Pinterest down 6% after revenue missed estimates.

On the positive side of the earnings calendar, ExxonMobil and Chevron said refining margins boosted results, and AstraZeneca reported a beat, per Yahoo Finance.

Oil, gold, Treasurys and the dollar

• Oil: Prices rose. Investopedia put WTI near $103.85 a barrel, up nearly 2%; Yahoo Finance cited Brent around $113 and noted Bloomberg reporting that oil rose on signs the US could resume strikes on Iran.
• Gold: Futures fell 2.2% to about $3,940 an ounce, near their lowest level since last November, per Investopedia.
• Bonds: The 10-year Treasury yield held steady at 4.94%, Investopedia reported.
• Yen: The Bank of Japan held rates at 1.25%, and the yen firmed, according to Reuters as cited by Yahoo Finance.

Financial news to watch

Friday’s calendar includes the third-quarter employment cost index and October’s MNI Chicago PMI, according to Yahoo Finance. Earnings from AbbVie, BP, Sanofi and General Dynamics were also on the schedule.

For context, Investopedia put the S&P 500’s gain since the start of 2026 at about 11%, so the benchmark remains ahead for the year despite this week’s losses.