📄 Full report · Morning · 9 min · 3-minute summary available
Intel Sinks 25% and Amazon 7% Premarket, Pulling Nasdaq 100 Futures Down More Than 2%
Data as of: 2026-10-30 5:36 AM ET (futures at 4:04 AM ET per Reuters; premarket moves per Reuters; Oct 29 index closes per AP final)
Key takeaways
- Intel fell 25% and Amazon 7.2% premarket as cash burn from AI spending hit a third Big Tech name.
- Nasdaq 100 futures were down 2.16% and S&P 500 futures 1%, while the Dow was nearly flat.
- Next: the 8:30 AM employment cost index, Exxon and Chevron results, and the Nasdaq's close against 26,184.72.
☰ Contents
The AI spending scare that sank Alphabet on Thursday spread to two more giants overnight, and this time the bill is showing up in cash flow.
Intel was down 25% in premarket trading after warning it will burn cash this year, and Amazon was down 7.2% after a quarter of $77.3 billion in capital spending turned its free cash flow sharply negative (Reuters). Together the two could lose about $300 billion of market value if the drops hold. Nasdaq 100 futures fell 2.16%, while Dow futures barely moved, the same split between AI spenders and everyone else that showed up in Thursday’s close.
Oil is the second pressure point. Brent climbed toward $116 after Houthi attacks on Saudi energy sites, which keeps the inflation side of the Fed’s problem alive two days after two officials voted for a hike. The 8:30 AM employment cost index is the first test of that.
What matters today
Cash burn, not AI demand, is what investors are selling
The common thread in Alphabet, Amazon and Intel is not weak demand. Amazon’s AWS grew 39% to $46.0 billion, ahead of the $45.61 billion LSEG estimate, and Intel’s third-quarter revenue rose 21%. What changed is how much cash the build-out consumes. Amazon’s quarterly purchases of property and equipment more than doubled from a year ago and it signaled spending will rise again next year (Reuters). Intel blamed a weak PC market, factory bottlenecks and heavy capacity spending for its cash warning.
The selling is spreading through the chip chain. AMD was down 7%, Broadcom about 4% and Nvidia 2.5% premarket (Reuters), and Asian chip stocks fell overnight as Bloomberg reported deepening AI funding worries; AP said Samsung Electronics and SK Hynix both declined in Seoul.
WMR data: going into today, Amazon was 14.2% below its 52-week high and Alphabet 29.4% below, while Nvidia was still up 7.3% over six months. That gap is why the chip names have more room to fall if investors decide supplier revenue depends on spending the buyers now have to defend. See Amazon and Chip Monitor.
The takeaway: watch whether Microsoft and Meta, which showed demand to match their spending, hold up again. Thursday they did (Meta +1.96%, Microsoft -0.16%).
Big Tech 1W performanceComputed from raw prices · U.S. close of 2026-10-29Tap for details
| Name | Close | 1D | 1W | 1M | 6M | 1Y | YTD | vs 1Y high | Volume vs 20D avg |
|---|---|---|---|---|---|---|---|---|---|
| Nvidia (NVDA) | $213.66 | -0.8% | +0.7% | -6.0% | +7.3% | +3.4% | +14.8% | -10.7% | 0.7x |
| Tesla (TSLA) | $403.30 | -0.2% | +7.7% | +14.3% | +5.7% | -12.6% | -10.3% | -17.7% | 0.6x |
| Alphabet (GOOGL) | $283.82 | -12.6% | -12.5% | -16.7% | -26.2% | +3.6% | -9.1% | -29.4% | 5.3x |
| Apple (AAPL) | $348.91 | +1.5% | +0.2% | +5.9% | +28.8% | +29.8% | +28.7% | +0.0% | 1.1x |
| Microsoft (MSFT) | $530.14 | -0.2% | +1.7% | +4.2% | +30.5% | -1.3% | +10.3% | -2.4% | 1.9x |
| Amazon (AMZN) | $243.79 | -4.2% | -2.6% | -1.2% | -8.0% | +5.9% | +5.6% | -14.2% | 2.0x |
| Meta (META) | $624.52 | +2.0% | -3.7% | -15.5% | +2.2% | -16.6% | -5.1% | -19.7% | 1.4x |
| Broadcom (AVGO) | $345.00 | -1.9% | +6.7% | -2.8% | -17.1% | -10.0% | +0.2% | -28.1% | 0.8x |
| Palantir (PLTR) | $196.42 | -0.2% | +0.1% | +5.1% | +41.2% | -1.2% | +10.5% | -6.0% | 0.9x |
| Nasdaq-100 ETF (QQQ) | $715.34 | -1.4% | +1.5% | -3.1% | +7.4% | +13.0% | +16.8% | -5.8% | 1.0x |
A traffic warning cuts a fifth off a social-media stock
Reddit was down 21.1% premarket after CEO Steve Huffman warned that total daily active unique visitors could fall by a low-double-digit percentage in the fourth quarter (Reuters). That overshadowed third-quarter revenue growth of 53% to $895 million. For an ad business, fewer logged-out visitors means fewer impressions to sell, so the guide hits the growth story directly. Twilio and Roblox were also among the notable after-hours movers (CNBC).
A Binance hack pushes bitcoin below $78,000
Bitcoin fell to $77,335 (-3.56%) and Ether to $2,222.77 (-4.43%) by about 6:00 AM ET, after hackers drained two Binance hot wallets starting at 4:24 PM ET Thursday (CoinDesk). Binance suspended withdrawals, said outflows stopped and pledged to cover all losses; about $3 billion has been frozen with help from Tether, Circle and others. Bloomberg tied bitcoin’s drop to both the hack and the stock selloff. Strategy was down 6.4% premarket after reporting a record quarterly profit and the resignation of its CFO (CoinDesk).
WMR data: bitcoin was already 3.92% lower over 30 days and 27.0% below its level a year earlier at Thursday’s close, so the hack hits a market that had not recovered. More on Crypto Market.
Oil above $100 keeps the Fed in hike-or-hold mode
WTI rose $1.37 to $103.37 overnight after the Houthis said they targeted Saudi sites including Ras Tanura, and Iran’s Revolutionary Guards reported three tankers hit sea mines (Reuters). WTI is on track for a 14% gain in October. On Wednesday the Fed held at 3.75%-4.00%, but Lisa Cook and Beth Hammack dissented in favor of a hike (Federal Reserve). Higher energy costs feed directly into that debate. WMR data: the 10-year yield closed Thursday at 4.99%, up 0.60 point over six months; see Market Pulse.
Before the Bell
| Futures, 4:04 AM ET | Change |
|---|---|
| S&P 500 E-minis | -77.5 points (-1%) |
| Nasdaq 100 E-minis | -640 points (-2.16%) |
| Dow E-minis | -25 points (-0.05%) |
| Premarket mover | Move | Why |
|---|---|---|
| Intel (INTC) | -25% | Warned of cash burn; Q4 revenue guide below estimates |
| Reddit (RDDT) | -21.1% | Warned Q4 daily visitors could fall by a low-double-digit percentage |
| Amazon (AMZN) | -7.2% | Q3 cash outflow; capex to rise again next year |
| AMD (AMD) | -7% | Chip selloff after Intel’s guide |
| Strategy (MSTR) | -6.4% | Binance hack hit bitcoin; CFO resigned |
| Broadcom (AVGO) | -4% | Chip selloff after Intel’s guide |
Moves as of no later than 5:36 AM ET (Reuters; Strategy per CoinDesk). Exxon Mobil, Chevron, AbbVie and Regeneron report before the open; their results and the regular-session reaction will be in the evening report.
Our last calls: how they played out
| What we flagged | What happened | Market reaction |
|---|---|---|
| Bank of Japan decision; our call was a hold at 1.25% | Held at 1.25% (hit) | Japanese chip stocks fell anyway on the AI selloff |
| Whether Intel’s after-hours drop would hold | It deepened: down 25% premarket | AMD -7%, Nvidia -2.5% premarket |
| Whether Amazon would recover part of its loss | It did not: down 7.2% premarket | Nasdaq 100 futures -2.16% |
Our open calls for today (Intel and Amazon closing below Thursday’s closes, the Nasdaq Composite below 26,184.72) are scored after the close on the track record.
What to watch
| Time (ET) | Event |
|---|---|
| 8:30 AM | Q3 employment cost index (BLS); Q2 compensation rose 0.9% |
| 9:30 AM | Exxon Mobil earnings call; Intel and Amazon open after their drops |
| 9:45 AM | Chicago PMI for October |
| Mon 11/2, after the close | Apple fiscal Q4 results |
| Tue 11/3 | U.S. midterm elections; JOLTS at 10:00 AM; AMD reports after the close |
| Fri 11/6, 8:30 AM | October jobs report (BLS) |
- If the employment cost index runs above Q2’s 0.9% pace → check: the 2-year yield and whether December hike pricing rises after two dissents for a hike
- If chip stocks keep falling after the open → check: whether Nvidia and Broadcom break below Thursday’s closes or the selling stays with Intel and AMD
- If Binance resumes withdrawals ahead of its roughly 45-hour estimate → check: bitcoin’s rebound and Coinbase and Strategy shares
Not a forecast — what to check depending on the outcome.
Our calls for today (logged on the track record before the results): the S&P 500 closes Oct 30 below Thursday’s 7,720.39; AMD closes Oct 30 below Thursday’s $566.42.
Market data
Close (10/29)
| Index | Close | Day |
|---|---|---|
| S&P 500 | 7,720.39 | -23.59 (-0.30%) |
| Dow Jones Industrial Average | 52,342.56 | -132.54 (-0.25%) |
| Nasdaq Composite | 26,184.72 | -365.13 (-1.38%) |
| Russell 2000 | 2,859.22 | +28.71 (+1.01%) |
Final closes as reported by AP. These replace Reuters’ preliminary figures used in Thursday’s evening report.
U.S. markets at a glance — last 12 monthsComputed from raw prices · U.S. close of 2026-10-29S&P 5001Y +12.0%7,720 · 1W +0.7%Nasdaq1Y +9.9%26,185 · 1W +0.7%Dow1Y +9.7%52,343 · 1W -1.0%PHLX Semis1Y +60.1%11,518 · 1W +7.3%VIX1Y -2.7%16.45 · 1W -13.6%US 10Y1Y +1.01p4.989% · 1W +0.036pDollar Idx1Y +3.3%101.99 · 1W +0.4%Gold1Y +1.4%4,037 · 1W -0.6%WTI Crude1Y +71.2%102.95 · 1W +3.5%Tap for details
| Name | Last | 1D | 1W | 1M | 6M | 1Y |
|---|---|---|---|---|---|---|
| S&P 500 | 7,720 | -0.3% | +0.7% | +0.9% | +7.1% | +12.0% |
| Nasdaq | 26,185 | -1.4% | +0.7% | -2.5% | +5.2% | +9.9% |
| Dow | 52,343 | -0.2% | -1.0% | +2.8% | +5.4% | +9.7% |
| PHLX Semis | 11,518 | -1.4% | +7.3% | -8.8% | +9.7% | +60.1% |
| VIX | 16.45 | -2.7% | -13.6% | +0.7% | -10.1% | -2.7% |
| US 10Y | 4.989% | -0.056p | +0.036p | -0.304p | +0.599p | +1.006p |
| Dollar Idx | 101.99 | -0.2% | +0.4% | +0.5% | +4.0% | +3.3% |
| Gold | 4,037 | -0.4% | -0.6% | -3.6% | -12.8% | +1.4% |
| WTI Crude | 102.95 | +0.2% | +3.5% | +13.9% | -2.0% | +71.2% |
Overnight
| Market | Level | Change |
|---|---|---|
| 10-year Treasury yield (4:08 AM ET) | 4.93% | Little changed |
| WTI crude (Oct 29 settle) | $102.00 | -0.76% |
| WTI crude (overnight) | $103.37 | +1.34% |
| Brent, December contract (overnight) | $116.08 | +1.04% |
| Gold, spot (4:08 AM ET) | $3,978.24 | -1.1% |
The December Brent contract expires today. Overnight oil prices are Reuters’ at 11:23 PM ET; yield and gold are from Bloomberg’s markets wrap.
Big Tech and chips (10/29 close)
| Stock | Close | Day |
|---|---|---|
| Meta (META) | $624.52 | +1.96% |
| Apple (AAPL) | $348.91 | +1.48% |
| Microsoft (MSFT) | $530.14 | -0.16% |
| Nvidia (NVDA) | $213.66 | -0.80% |
| AMD (AMD) | $566.42 | -2.08% |
| Intel (INTC) | $92.07 | -3.62% |
| Amazon (AMZN) | $243.79 | -4.25% |
| Alphabet (GOOGL) | $283.82 | -12.64% |
Earnings after Thursday’s close
| Company | Results | Outlook |
|---|---|---|
| Amazon (AMZN) Q3 | Net sales $201.9B (+12%); AWS $46.0B (+39%); capex $77.3B | Q4 sales $240.0B-247.0B; midpoint below the $244.51B LSEG estimate |
| Starbucks (SBUX) fiscal Q4 | Revenue $9.14B (-4.5%); global comparable sales +7.2%, U.S. +7.7%; non-GAAP EPS $0.80 | FY2027 non-GAAP EPS $3.15-3.25; North America comparable sales about +4% |
| Coinbase (COIN) Q3 | Revenue $1.22B (-35%); net income $718.7M; diluted EPS $2.51 | Q4 subscription and services revenue $550M-630M |
Results are from company releases and SEC filings. Intel’s and Reddit’s numbers are in Thursday’s evening report and news.
Crypto (about 6:00 AM ET)
| Coin | Price | 24h |
|---|---|---|
| Bitcoin | $77,335 | -3.56% |
| Ether | $2,222.77 | -4.43% |
| Solana | $96.38 | -4.11% |
| XRP | $1.25 | -3.64% |
Major cryptocurrencies — last 12 monthsComputed from raw prices · as of 2026-10-29Bitcoin1Y -27.0%80,341 · 1W -1.2%Ethereum1Y -40.8%2,313 · 1W -3.1%Solana1Y -49.1%99.01 · 1W -4.4%XRP1Y -50.2%1.27 · 1W -2.9%Tap for details
| Name | Last | 1D | 7D | 30D | 182D | 365D |
|---|---|---|---|---|---|---|
| Bitcoin | 80,341 | -1.1% | -1.2% | -3.9% | +5.3% | -27.0% |
| Ethereum | 2,313 | -1.9% | -3.1% | -13.6% | +2.5% | -40.8% |
| Solana | 99.01 | -3.2% | -4.4% | -16.8% | +19.3% | -49.1% |
| XRP | 1.27 | -4.1% | -2.9% | -14.8% | -7.2% | -50.2% |
Company news
- Marvell (MRVL) / Lumentum (LITE): Reuters, following Bloomberg, reported advanced talks for Marvell to buy Lumentum, valued at about $83 billion; neither company has confirmed a deal.
- DoorDash (DASH) / Instacart (CART): WSJ and Reuters reported talks on a deal worth about $17 billion.
- Microsoft (MSFT): raised $25 billion in a bond sale on Thursday (Reuters).
- Sandisk (SNDK): announced an 8-for-1 stock split; split-adjusted trading is expected to start Nov 20 (SEC filing).
- Strategy (MSTR): CFO Andrew Kang resigned effective Nov 5; the company holds 848,517 bitcoin (CoinDesk).
Asian chipmakers
Samsung Electronics and SK Hynix both fell in Seoul on Friday as the AI spending worries reached Asia (AP), and Bloomberg reported a broad drop in Asian chip stocks. Both are the main suppliers of high-bandwidth memory for AI servers, so they trade with Micron and Nvidia on these headlines.
Crypto Fear & Greed IndexComputed from raw prices · as of 2026-10-29Tap for details
0 = extreme fear, 100 = extreme greed. It describes mood, not direction.
| Source | Now | Rating | 1 week ago | 1 month ago |
|---|---|---|---|---|
| alternative.me Crypto Fear & Greed Index | 51 | Neutral | 68 | 73 |
Charts are computed directly from raw prices; each shows its own data date. In this edition the charts use Thursday’s (Oct 29) regular-session close. On the web, tap a chart for the detailed table.
Premarket moves are early readings and can change before the 9:30 AM open. Reddit buzz and the unusual-volume screen are on Reddit Buzz and U.S. Stock Screener.
This report is for information only and is not investment advice.
Sources
- Reuters – Nasdaq futures tumble as Amazon, Intel results deepen AI spending woes (Investing.com)
- Bloomberg – Tech stock selloff deepens on earnings, oil rises: Markets Wrap (Swissinfo)
- CNBC – Amazon, Intel shares fall after earnings amid AI spending concerns
- AP – How major US stock indexes fared Thursday 10/29/2026 (La Nacion)
- Amazon – Third quarter 2026 results (SEC 8-K exhibit)
- Reuters – Amazon quarterly results (RTE)
- Fortune – Amazon shares sink as spending on AI overshadows growth in cloud unit
- Reuters – Oil rises on supply concerns as Houthis attack Saudi Arabia (Business Recorder)
- Reuters – Oil prices settle lower (Business Recorder)
- AP – Asian shares trade mixed as concerns about AI-related issues grow (Business Standard)
- CoinDesk – Live: Binance hack rattles crypto as Intel plunges
- CoinDesk – Binance hack drained wallets backing customer assets
- Bloomberg – Bitcoin drops on Binance hack as stock selloff also weighs
- Starbucks – Fiscal Q4 2026 results (SEC 8-K exhibit)
- Coinbase – Q3 2026 shareholder deck (SEC)
- Sandisk – 8-K, Oct 29, 2026 (stock split)
- Federal Reserve – FOMC statement, Oct 28, 2026
- BLS – Release schedule, November 2026
- AMD – Q3 2026 results date
- ExxonMobil – Third quarter 2026 results timing
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