Wall Street ends October with a tech rout: Nasdaq drops about 2.8%, Intel loses nearly 29% as AI spending fears spread
US stocks closed October with a heavy fall: S&P 500 down 1.8%, Nasdaq down about 2.8%, Intel down nearly 29%, as investors questioned AI spending.
At a glance
- The S&P 500 fell about 1.8% on Friday, October 30, 2026, the Dow lost more than 570 points (about 1.1%) and the Nasdaq Composite dropped about 2.8%.
- Intel lost nearly 29% after a weak fourth-quarter outlook, while AMD fell about 11% and Broadcom and Micron more than 5% each.
- The Nasdaq Composite finished October down about 5%, its worst month since March 2025, while the Dow rose about 1.7% over the month.
- Exxon, Chevron and Eli Lilly rose against the trend, with US crude holding above $100 a barrel.
- Apple reports on Monday, November 2, and US midterm elections follow on Tuesday, November 3.
US stocks closed out October with their heaviest fall in months on Friday, October 30, 2026. The S&P 500 lost about 1.8%, the Dow Jones Industrial Average gave up more than 570 points, and the tech-heavy Nasdaq Composite dropped about 2.8%, as a run of weak technology results made investors ask whether the giant bills for artificial intelligence will ever pay off.
Intel did the most damage. Its shares lost nearly 29% in one session, the kind of fall rarely seen in a company of its size, after its fourth-quarter outlook disappointed.
The closing numbers, and how October ended
Early closing figures differed slightly between data providers, so the numbers below are rounded.
| Index | Friday, Oct 30 | October as a whole |
|---|---|---|
| S&P 500 | down about 1.8%, near 7,580–7,590 | down about 1% |
| Dow Jones Industrial Average | down about 1.1–1.2% (570+ points) | up about 1.7% |
| Nasdaq Composite | down about 2.8% | down about 5%, worst month since March 2025 |
| Nasdaq 100 | down about 3.5% | down nearly 7% |
The gap between the Dow and the Nasdaq tells the story of the month. Money left the most expensive technology names and moved towards energy, health care and older industrial companies, which is why the Dow could finish October higher while the Nasdaq had its worst month in a year and a half. The S&P 500 set an all-time high during October and still ended it lower.
Which shares fell hardest, and which rose
| Company | Friday's move (about) | What drove it |
|---|---|---|
| Intel | -29% | Weak Q4 forecast; sluggish PC sales as memory-chip prices rise |
| -24% (morning trading) | Soft daily users and Q4 revenue forecast | |
| Roblox | -16% (morning trading) | Daily users down 9% from a year earlier, to 138 million |
| AMD | -11% | Chip sector caught in the sell-off |
| Oracle | -6.5% | AI spending worries |
| Broadcom | -5.5% | Chip sector weakness |
| Micron | -5.4% | Chip sector weakness |
| Nvidia | -4% to -5% | Fears that big customers cut spending in 2027 |
| Amazon | -1.5% | Earnings miss; higher capital spending |
| Eli Lilly | +3% | Rose against the trend |
| Exxon Mobil | +2% | Q3 profit beat forecasts on refining |
| Chevron | +1.7% | Q3 profit beat forecasts on refining |
Amazon's report was a turning point for many investors. It spent about $77 billion on capital projects in the third quarter alone, and its free cash flow over the past 12 months swung to an outflow of more than $42 billion. Alphabet, which had its worst session in more than 20 years on Thursday, slipped further. Meta, Alphabet and Tesla have each dropped sharply from their highs after results that showed cash being swallowed by AI data centres.
Oil, interest rates and crypto added to the pressure
The fall was not only about technology. US crude held near $103 a barrel and Brent around $112, with reports that Washington could return to strikes on Iran after next week's elections. High energy prices feed inflation, and two Federal Reserve officials, Alberto Musalem of St. Louis and Thomas Barkin of Richmond, said this week's data may mean interest rates have to go up rather than down. The Fed held rates in a split vote on Wednesday.
Crypto took its own hit from the $6.3 billion Binance hack. Bitcoin traded around $76,000 to $77,000, and Coinbase, Circle, Robinhood and Strategy all dropped more than 6% before the opening bell. Gold also fell, by about 3.4% to around $3,880 an ounce, and silver by more than 5%.
What a Wall Street slide means for Pakistan and South Asia
A US tech slide does not directly cut anyone's salary in Karachi or Mumbai, but three effects travel quickly. Oil above $100 keeps pressure on fuel import bills, which is the main reason petrol and diesel prices in Pakistan stay high. Global selling tends to pull money out of emerging markets, although India's main index actually gained about 0.4% on Friday, before the US sell-off deepened. And freelancers and outsourcing firms that earn from American tech clients would feel it if US companies start cutting budgets.
For people buying gold in Pakistan, the fall in the international price could mean lower local rates when markets reopen, though the rupee rate and local premium also count.
The week that could settle it
The next tests come quickly. Apple, whose shares are near a record, reports on Monday, November 2, with analysts expecting earnings of about $1.99 a share on revenue of about $113.3 billion. Americans vote in the midterm elections on Tuesday, November 3. Traders will then watch for any move on Iran and for signs that the Fed is really preparing a December rate rise. Asian markets, which fell hard earlier in the week, get the first chance to respond when they open on Monday morning.
Questions people are asking
Why did the stock market fall on October 30, 2026?
Weak results and outlooks from technology companies, led by Intel and Amazon, raised doubts about whether huge AI spending will pay off. Higher oil prices and talk of a possible Federal Reserve rate rise added to the pressure.
Why did Intel stock crash?
Intel's fourth-quarter forecast fell short of expectations, with the company pointing to sluggish PC sales as memory-chip prices rise. The shares lost nearly 29% on the day.
