U.S. stocks fell sharply on Friday, with the Nasdaq down 2.84%, its largest one-day percentage drop since June 5, after disappointing results from Intel and Amazon heightened concerns about AI spending. The S&P 500 fell 1.80%, while the Dow dropped 1.09%.
All three major U.S. indexes closed lower on Friday, with the tech-heavy Nasdaq posting the steepest loss after Intel and Amazon reported disappointing quarterly results late Thursday. Chip stocks also fell sharply, pushing the Philadelphia SE Semiconductor Index to a monthly loss.
Preliminary data showed the S&P 500 lost 139.30 points, or 1.80%, to 7,580.21, while the Nasdaq Composite fell 747.73 points, or 2.84%, to 25,440.68. The Dow Jones Industrial Average shed 571.98 points, or 1.09%, to 51,770.58. All three indexes fell for the week; the S&P 500 and Nasdaq also posted monthly losses, while the Dow ended October higher.
With 299 S&P 500 companies having reported third-quarter results, 82% beat consensus expectations, LSEG data showed. Analysts expect S&P 500 earnings growth of 31.6% year over year. Exxon Mobil and Chevron beat quarterly profit expectations, while Starbucks fell after forecasting an annual revenue decline tied to the divestiture of its Chinese business. Coinbase, Strategy and Robinhood declined after reports that hackers stole $6.3 billion from Binance.
