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Pre-Open Check: Nasdaq Futures Down 2.6% as Intel and Amazon Sink; Dow Flat
Data as of: About 8:03 AM ET for futures, 10-year and VIX (Yahoo Finance live page); AP 8:08 AM ET; ECI released 8:30 AM ET
Key takeaways
- Nasdaq 100 futures were down 2.62% and S&P 500 futures down 1.13%, while Dow futures were flat, as Intel and Amazon fell premarket.
- The Q3 employment cost index rose 0.8%, matching consensus; the 10-year yield eased to about 4.99%.
- Exxon and Chevron beat on refining profits with U.S. crude near $104, and the VIX rose to 18.6.
☰ Contents
Before the bell
| Item | Level | Note |
|---|---|---|
| S&P 500 futures | 7,666.25 (−1.13%) | about 8:03 ET |
| Nasdaq 100 futures | 28,788.75 (−2.62%) | about 8:03 ET |
| Dow futures | 52,521.00 (+0.02%) | about 8:03 ET |
| 10-year Treasury yield | 4.99% (−5.6 bp) | about 8:03 ET |
| USD/JPY | 157.12 | after the BOJ hold (Reuters) |
| VIX | 18.60 (+8.1%) | about 8:03 ET |
| U.S. crude (WTI) | $104.13 (+2.1%) | AP, 8:08 ET |
Data and earnings
- Employment cost index (8:30 AM): Q3 compensation rose 0.8%, in line with consensus and down from 0.9% in Q2. Wages rose 0.7% and the 12-month pace held at 3.4%. No wage scare for a Fed that markets now see hiking as soon as December (Reuters, citing LSEG).
- Chicago PMI (9:45 AM): consensus 54.6 after 58.8 in September.
- Energy beats: Exxon posted adjusted EPS of $4.23 and Chevron $5.28, both above estimates on refining margins; both were higher premarket.
Pre-market movers
- Intel about −25% and Amazon about −7% after weak outlooks and heavy AI spending (story). The selloff spread to AMD (−7%), Broadcom (about −4%) and Nvidia (−2.5%), per Reuters.
- Reddit −21.1% after warning daily visitors could fall by a low double-digit percent in Q4.
- Alphabet slightly lower after Thursday’s record one-day drop. Bitcoin fell about 3% to $77,695 after the Binance hack (AP).
What to watch
- How wide the split gets: Dow futures are flat while Nasdaq futures are down more than 2%. Watch whether energy, health care and banks keep absorbing the tech selling or the whole index weakens after the first hour.
- The 10-year below 5%: a calm ECI let yields ease. If they keep falling, that is a cushion for growth stocks; a rebound above 5% would add pressure.
- Oil above $100: Brent is near $113. Energy stocks gain, but higher fuel costs feed the inflation worry behind December hike bets.
Sources
- AP – US futures fall as Amazon, Intel and Alphabet weigh on Wall Street (KIX 102 FM)
- Reuters – Nasdaq futures tumble as Amazon, Intel results deepen AI spending woes (KFGO)
- Yahoo Finance – Stock market today live coverage, Oct. 30
- Trading Economics – U.S. employment cost index (BLS data)
- BLS – Employment Cost Index
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