Wall Street tumbles to its worst day since June after the sell-off for tech stocks deepens
- 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.
393 Articles
393 Articles
US stocks erase their rally from the morning as tech and AI stocks keep swinging
A morning rally for U.S. stocks petered out as the tech and AI industries remained shaky following their sell-off last week. The S&P 500 was virtually unchanged Monday after erasing a gain that reached 1.1% early in the day. The…
Yakima Herald-Republic
US stocks erase a morning rally as tech stocks swing following last week's sell-off
After rallying in the morning, the U.S. stock market weakened through the day and then turned lower as the tech and AI industries remain shaky following their sell-off last week. The S&P 500 dropped 0.3% Monday after rising as much…
American stock indices fell on Friday following technological giant stocks due to increased concerns of investors about their huge spending on artificial intelligence.
Wall Street's Black October: Why the worst may still be ahead
After months of AI-driven gains, Wall Street endured a brutal October, with Alphabet shedding $500 billion and Intel plunging 29%; doubts over AI spending, Fed rate signals and looming US midterms could make the coming week decisive
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