S&P 500 closes down 1.8%, worst day since June, as Intel and AI spending fears sink tech
Wall Street ended Friday with its worst session since June: the S&P 500 fell 1.8%, the Nasdaq Composite 2.9% and the Dow 1.1%, as Intel's near-29% plunge and worries about AI spending drove a broad tech selloff.
U.S. stocks closed sharply lower on Friday, the last trading day of October, as the afternoon tech selloff (midday brief) held into the bell. The S&P 500 posted its worst day since June.
| Friday close | Change |
|---|---|
| S&P 500 | -1.8% |
| Nasdaq Composite | -2.9% |
| Dow Jones Industrial Average | -1.1% |
| Intel | about -29% (worst day since 1974) |
| Nvidia | about -4.9% |
| Coinbase | about -13.6% |
| 10-year Treasury yield | about 4.93% (from 4.98% Thursday) |
| Brent crude | about $113 a barrel, up roughly 2.4% |
Why it matters — The AP tied the drop to growing worry that the AI boom pushed tech prices too high. Intel’s fourth-quarter profit forecast missed expectations, Amazon’s report showed $42.4 billion of free cash flow burned over 12 months amid heavy AI spending, and Alphabet’s record one-day fall on Thursday had already shaken confidence. The market is shifting from rewarding AI growth to questioning its cost.
Market reaction — Investors moved into safer assets: Treasury yields fell, while defensive and energy names such as Mondelez, Colgate-Palmolive, Exxon Mobil and Chevron rose after earnings beats. Crypto stocks fell hard after the Binance hack, with bitcoin below $77,000.
WMR data — Check the VIX and 10-year yield on Market pulse and chip relative strength on Semiconductors to see whether the selloff carries into November.
What to watch next — Apple’s results on Nov. 2 and the October jobs report later next week.
Sources
- AP via Local10 – Wall Street tumbles to its worst day since June after the sell-off for tech stocks deepens
- AP via Fox 8 – Wall Street tumbles to its worst day since June after the sell-off for tech stocks deepens
- BNN Bloomberg – The sell-off for tech stocks deepens and drags Wall Street toward its worst day since June
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