Archive photo: U.S. Department of Energy / Public domain; resized, not a photograph of Friday trading or identified as an Intel facility.
Intel fell nearly 29% Friday as semiconductor stocks and the Nasdaq declined sharply on the final trading day of October, following a week of major technology-company earnings reports.
The Dow Jones Industrial Average fell 572 points, or 1.1%, to 51,770. The S&P 500 dropped 1.8% to 7,580, and the Nasdaq Composite tumbled 2.9% to 25,437, with all three indexes posting a second straight daily loss.
Intel’s sharp decline. The chipmaker plunged 28.6% to $65.76, after its fourth-quarter outlook called for a sequential revenue decline and margin compression, with management warning the PC slowdown runs through at least the first half of next year. The damage spread across the industry: the chip-sector index sank 7.2%, with Advanced Micro Devices down 10.9%, Micron off 5.3%, Broadcom down 5.5% and Nvidia 4.2% lower.
Reddit’s wipeout. Reddit shares cratered 29% to $91.73, following the social platform’s third-quarter report a day earlier.
The megacap hangover. Alphabet fell another 1.4% after Thursday’s 12.6% plunge. Amazon slid 1.4% to $240.35. Meta, Microsoft and Apple each lost between 1.2% and 1.6%.
The other side of the tape. Exxon Mobil rose 2.2% to $187.25 and Chevron added 1.8% to $235.52 after both oil majors posted refining-driven profit surges, with Chevron’s U.S. refineries setting a processing record in the third quarter. The 10-year Treasury yield eased about 6 basis points to roughly 4.93%. Gold futures settled at $3,898.90 an ounce, while U.S. crude futures settled at $104.12 a barrel.
The scoreboard. Volatility jumped, with the VIX up about 15% to roughly 20. For the week, the Nasdaq lost 2%, the S&P 500 shed 0.6% and the Dow gave up 0.9%. For October, the Nasdaq fell 5.3% and the S&P 500 slipped 0.9%, while the Dow managed a 1.7% gain – a month that started with records and ended with investors repricing the cost of the AI buildout.
What to watch. Apple reports Monday, November 2, and the question that ended October follows the market into November: not whether AI demand is real, but what it costs to serve it.
JBizNews Desk | Wall Street
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