US stock market today: Nasdaq-100 falls 2% as Amazon, Intel shares tumble
US stock futures fell sharply on Friday, October 30, as disappointing earnings and outlooks from technology heavyweights Amazon and Intel weighed on investor sentiment, while concerns over Big Tech’s mounting artificial intelligence (AI) spending continued to put pressure on the technology sector.
Futures tied to the Nasdaq-100 dropped 2% in premarket trading, extending the recent sell-off in technology stocks. S&P 500 futures declined around 1%, while Dow Jones Industrial Average futures traded near the flatline.
Amazon shares fell around 6% in extended trading after the company reported third-quarter revenue and earnings below Wall Street expectations. The e-commerce and cloud computing giant also reported negative free cash flow of $42.4 billion and retained its 2026 capital expenditure forecast of $220 billion, adding to investor concerns over its heavy spending commitments.
Intel shares plunged 21% after the chipmaker issued a weaker-than-expected outlook for the current quarter, citing a slowdown in the personal computer (PC) market. Revenue from its Client Computing and Physical AI group declined 5% year-on-year to $8.1 billion.
Shares of Sandisk also fell 3% in extended trading, despite the data storage company reporting better-than-expected fiscal first-quarter results. The company also announced an eight-for-one forward stock split.
AI spending concerns weigh on technology stocks
The latest declines come as investors increasingly scrutinise the scale of investments being made by major technology companies to build out their AI infrastructure and whether the spending will translate into meaningful returns.
Amazon’s results followed a disappointing earnings report from Alphabet earlier this week. Shares of the Google parent fell 12% during Thursday’s regular trading session after its third-quarter earnings and revenue missed analyst expectations. The company also reported negative free cash flow of $9.07 billion.
Alphabet’s decline dragged the Nasdaq Composite down 1.4% on Thursday, while the S&P 500 ended the session 0.3% lower.
Friday marks the final trading session of October, a month marked by volatility in technology stocks as investors assessed the rising costs of AI investments and corporate earnings.
In Asia, Japan’s Nikkei 225 ended 2.12% lower on Friday, while South Korea’s Kospi declined 3.48%. China’s CSI 300 fell 1.39%.
Australia’s S&P/ASX 200 bucked the broader trend, closing 0.18% higher.