Wall Street tumbles to its worst day since June after the sell-off for tech stocks deepens
Investors sold chip and cloud shares after weaker forecasts and cash burn warnings revived doubts that AI spending will pay off.
- On Friday, October 30, 2026, U.S. stocks tumbled as heavy losses in major tech companies triggered the worst market performance since June, with the Nasdaq composite falling 3.4% and the S&P 500 dropping 1.8%.
- Market sentiment shifted from optimistic 'hopes and dreams' to a skeptical 'show me' phase regarding returns on billions in artificial intelligence spending, driving mounting investor skepticism about the sustainability of massive capital expenditures.
- Intel shares plummeted 30.1% for their worst daily performance since 1974, while Amazon reported negative free cash flow of $42.4 billion over the prior 12 months, fueling investor concerns about AI-related spending sustainability.
- Investors sought safety in government bonds, driving the 10-year Treasury yield down to 4.89% from 4.98% late Thursday, while capital rotated into defensive sectors like consumer staples and energy amid tech portfolio pressure.
- Analysts remain divided on whether massive data center buildouts will generate sufficient profit; Matt Maley, chief strategist at Miller Tabak + Co, said AI returns are being 'pushed even further down the road.
360 Articles
360 Articles
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Algemeen Dagblad
Tech stocks on the New York exchanges ended lower on Friday following disappointing quarterly earnings from chip manufacturer Intel and online retailer Amazon. Investors reduced their positions in key AI stocks.
Tech stocks on the New York exchanges ended lower on Friday following disappointing quarterly results from chip manufacturer Intel and online retail group...
Amazon, Alphabet and Intel Drop as AI Spending Spooks Markets
U.S. stocks closed the week lower on October 30 after a late-month sell-off concentrated in technology shares. The S&P 500 fell 1.8 percent, the Nasdaq Composite dropped 2.9 percent and the Dow Jones Industrial Average declined 1.1 percent. Intel sank nearly 29 percent—its worst session in decades—after issuing a fourth-quarter outlook that missed expectations, citing ongoing weakness in personal-computer demand. Amazon and Alphabet also decline…
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