The Nasdaq fell 2.86%, its largest one-day percentage drop since June 5, while the S&P 500 lost 1.82% and the Dow fell 1.09%. Intel plunged 28.6% after quarterly results intensified worries about AI spending.
U.S. stocks fell sharply on Friday after disappointing quarterly results from Intel and Amazon heightened concerns about the scale of AI-related spending. The Nasdaq dropped 2.86% to 25,437, the S&P 500 lost 1.82% to 7,580.07 and the Dow fell 1.09% to 51,770.31. The Nasdaq’s decline was its largest one-day percentage drop since June 5.
Intel fell 28.6%, while Nvidia declined 4.2% and AMD dropped 10.9%. The broader chip index lost 7.2%, and server makers Dell and HP fell 10.8% and 9.6%, respectively. The S&P 500 and Nasdaq recorded monthly losses, while the Dow ended October higher.
Exxon Mobil and Chevron gained 2.2% and 2.8% after beating quarterly profit expectations. Coinbase, Strategy and Robinhood fell between 7.2% and 10.6% following reports that hackers stole $6.3 billion from Binance. Of the 299 S&P 500 companies that had reported third-quarter results, 82% beat consensus expectations; analysts expected earnings growth of 31.6% year over year.
