U.S. stock markets closed on Friday with none of the three major indices holding gains.

For the week, all three major indices ended in the red. The Nasdaq fell 5.3% for October—the worst monthly performance since March 2025; the S&P 500 also posted a monthly decline, while the Dow Jones Industrial Average managed a modest gain for the month. Closing figures: the S&P 500 dropped 1.82%, closing at 7,580.07; the Dow fell 1.09%, closing at 51,770.31. Selling pressure intensified in the afternoon. With month-end approaching and next week’s midterm elections looming, many investors locked in profits. Capital flowed out of AI-related stocks and into defensive sectors such as consumer staples and healthcare. Another development added fuel to the fire: Blackstone informed investors that Anthropic’s debt may not receive an investment-grade rating following its IPO—further cooling sentiment across the AI sector. Curiously, despite the sharp tech selloff, U.S. Treasury safe-haven demand remained muted: the 10-year yield edged only slightly lower. Market participants believe the Federal Reserve is far more likely to hike rates than cut them over the coming months. Additionally, uncertainty looms over whether the U.S. might resume military action against Iran after the November 3 midterm elections—adding to investor anxiety and pushing oil prices higher. Tensions persist in both the Middle East and Ukraine. Iran’s Islamic Revolutionary Guard Corps reported that four oil tankers engaged in unauthorized navigation caught fire in the Strait of Hormuz that day; Russia claimed three refineries and a chemical plant were struck by Ukrainian drones. At market close, New York’s December light crude rose 2.08% to $104.12 per barrel; London’s December Brent crude—expiring that day—rose 2.4% to $117.64 per barrel. Corporate earnings, however, are actually strong. LSEG data shows that among S&P 500 constituents, 299 companies have reported third-quarter results—82% of which beat expectations. Analysts now estimate aggregate Q3 earnings growth for the index at +31.6% year-on-year. Joe Tigay, Chief Trading Officer at Equity Armor Investments, put it bluntly: “The AI trade has moved from ‘aspiration and dreams’ to ‘proof through performance.’ Full order books are welcome—but investors want to see who can truly convert demand into profit and cash flow.” Among major stocks: Apple fell 1.23%, NVIDIA dropped 4.22%, Microsoft declined 1.54%, Google Class A fell 1.4%, Google Class C fell 1.79%, Amazon slid 1.41%, TSMC dropped 5.95%, SpaceX fell 6.39%, Tesla dipped 0.87%, Meta declined 1.53%, Broadcom fell 5.48%, and Eli Lilly rose 3.19%. Apple’s decline was smaller than NVIDIA’s, giving it a market cap of approximately $5.03 trillion—surpassing NVIDIA’s $4.93 trillion and reclaiming the title of world’s most valuable company. The Philadelphia Semiconductor Index plunged 7.2%, with 29 of its 30 components declining. Qualcomm fell 11.12%, AMD dropped 10.88%, Arm Holdings fell 9.97%, and Texas Instruments declined 3.4%. Intel suffered the worst: down 28.58%—its second-largest single-day drop on record, surpassed only by its 29.9% plunge on July 5, 1974. Tight memory chip supply pushed up component costs, weak PC demand persisted, and Intel’s Q4 guidance failed to satisfy the market.

U.S. stock market crash storm: Intel fell 28%, Apple reclaimed the top spot in global market capitalization, and tech stocks faced massive selling pressure.

On Friday, Eastern Time, Wall Street’s three major indices closed broadly lower, with a sharp correction in technology stocks drawing significant market attention. After Intel and Amazon released disappointing earnings after Thursday’s market close—failing to meet investor expectations—a broad-based selloff hit the tech sector. The Nasdaq Composite plunged nearly 3%, marking its largest single-day drop since early June. For the entire week, all three major U.S. indices declined. In October, the Nasdaq fell 5.3%—its worst monthly performance since March 2025. The S&P 500 also posted a monthly loss, while the Dow Jones Industrial Average registered a modest gain for the month. At the close, the S&P 500 fell 1.82% to 7,580.07; the Nasdaq Composite dropped 2.86% to 25,437; and the Dow Jones Industrial Average declined 1.09% to 51,770.31. Selling pressure intensified in the afternoon as investors, facing month-end and the upcoming midterm elections next week, took profits. Capital rotated out of AI-related stocks and into defensive sectors—including consumer staples and healthcare. Market sentiment was weighed down by multiple factors. Blackstone informed investors that Anthropic’s debt may fail to achieve investment-grade ratings following its IPO—further dampening AI-sector sentiment. Despite the tech selloff, haven demand for U.S. Treasuries remained subdued: the 10-year Treasury yield edged only marginally lower. Most investors still believe the Federal Reserve is more likely to raise interest rates than cut them over the coming months. Moreover, concerns about a potential U.S. resumption of military action against Iran after the November 3 midterm elections pushed energy prices higher. Geopolitical risks flared again. Escalating tensions in the Middle East and Ukraine drove oil prices upward: Iran’s Islamic Revolutionary Guard Corps stated that four oil tankers engaged in unauthorized navigation caught fire in the Strait of Hormuz that day; Russia reported that three refineries and a chemical plant were struck by Ukrainian drones. New York’s December light crude futures rose 2.08% to $104.12 per barrel; London’s December Brent crude futures—expiring that day—rose 2.4% to $117.64 per barrel. On the earnings front, LSEG data shows that 299 S&P 500 constituents have reported third-quarter results—82% of which exceeded expectations. Analysts project aggregate Q3 earnings growth for the index at +31.6% year-on-year. Joe Tigay, Chief Trading Officer at Equity Armor Investments, observed that the AI sector is transitioning from the “aspiration and dream” phase into the “performance-driven” phase—and investors now demand tangible proof of converting demand into real earnings and cash flow. Among major stocks, tech giants including Apple, NVIDIA, Microsoft, Google, and Amazon all declined; TSMC, SpaceX, Tesla, Meta, and Broadcom likewise posted losses. Apple’s decline was smaller than NVIDIA’s, giving it a market capitalization of approximately $5.03 trillion—allowing it to surpass NVIDIA and reclaim the title of the world’s most valuable company.

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Wall Street drops to its worst day since June after the sell-off for tech stocks deepens

Wall Street drops to its worst day since June after the sell-off for tech stocks deepens

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