Markets
Tech Selloff Deepens Into Midday as Intel Plunges 28% After Weak Forecast
The Nasdaq leads Friday's decline as Intel, Reddit and Roblox sink, while bitcoin stays under pressure after the Binance hack.
By Emmanuel Cruz ·
Technology shares extended their slide through the middle of Friday's session, as a historic drop in Intel and disappointing results from several internet companies added to a week of worries about the cost and payoff of the artificial intelligence buildout.
The Nasdaq Composite fell about 2.5% shortly after the opening bell, while the S&P 500 lost about 1.3% and the Dow Jones Industrial Average slipped about 0.3%, according to Yahoo Finance [1]. The pressure held into late morning. The S&P 500 was down 1.33% shortly after 11 a.m. ET, TheStreet reported, with only 226 of its members advancing, most of them outside the technology sector [2]. The Dow stood at 52,076.05 as of 11:04 a.m. ET, down 266.51 points, or 0.51% [1].
Smaller companies offered a contrast. The Russell 2000 index of small caps rose 1.01% at the open, as some investors moved money away from the largest technology names [2].
Intel was the session's biggest drag among large companies. Its shares were down 28.76% at 10:21 a.m. ET and were trading near $66 later in the morning [1][2]. The chipmaker warned of weak personal computer sales in its fourth-quarter outlook and tied part of that weakness to higher prices for memory chips [1].
Amazon traded lower after reporting results on Thursday evening. Yahoo Finance noted that the company's free cash outflow over the 12 months through September exceeded $42 billion, a record, after it spent about $77 billion on property and equipment in the latest quarter alone [1]. The figures have become a focal point for investors questioning how long the largest technology companies can keep raising AI spending before returns show up.
The damage is visible across the market's leaders. Meta Platforms and Alphabet were each trading more than 20% below their 52-week highs, Yahoo Finance reported, with Tesla about 19% below its peak and Amazon about 15% below [1].
Quarterly reports also hit several internet stocks. Reddit fell about 25% by mid-morning after its user numbers and revenue outlook disappointed, and Roblox lost about 16% after daily active users fell 9% from a year earlier to 138 million [1][2]. Twilio dropped more than 17% [2]. On the upside, Regeneron rose more than 11% and Veralto gained more than 8% in mid-morning trading [2].
Investors seeking safety pushed Treasury yields lower, and the dollar followed, Reuters reported in coverage cited by Yahoo Finance [1]. Gold futures, however, fell 1.43% to $3,973.90 an ounce in early trading [2].
Commodity and crypto markets added to the risk-off tone. Brent crude for December delivery rose 2% to $117.14 a barrel in morning trading, and U.S. crude climbed to $103.94, as a tanker attack in the Strait of Hormuz kept supply fears elevated [3]. Bitcoin was down about 5.4% at roughly $77,310 as of 11:34 a.m. ET, still under pressure after Binance disclosed a hack it estimated at about $6.3 billion [1]. Crypto-linked stocks including Coinbase, Circle, Robinhood and Strategy were each down more than 6% before the opening bell [1].
What to watch next: whether buyers step in for beaten-down technology shares into the close on the final trading day of October, how far the rotation into small caps extends, further movement in oil as the U.S.-Iran conflict continues, and any update from Binance on reopening withdrawals.
Sources:
[1] Yahoo Finance, "Stock market today: Nasdaq dives, S&P 500 and Dow fall as Amazon, Intel earnings fuel tech rout", October 30, 2026. https://finance.yahoo.com/markets/live/stock-market-today-friday-october-30-dow-sp-500-nasdaq-amazon-intel-131609630.html
[2] TheStreet, "Stock Market Today (Oct. 30, 2026): S&P 500 sinks as Amazon, Intel losses shake Wall Street", October 30, 2026. https://www.thestreet.com/stock-market-today/stock-market-today-dow-jones-sp-500-nasdaq-updates-oct-30-2026
[3] Reuters (via AOL), "Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks", October 30, 2026. https://www.aol.com/articles/oil-rises-supply-concerns-houthis-022725000.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.