30th October 2026 – (New York) Wall Street’s technology trade came under renewed pressure on Friday as the Nasdaq Composite fell about 2.2 per cent, outpacing broader declines across US equities. The S&P 500 slipped roughly 1.2 per cent, while the Dow Jones Industrial Average proved more resilient, down about 0.3 per cent as investors moved cash into defensive sectors.
Losses were concentrated in megacap and semiconductor names. Amazon dropped around 5 per cent after third‑quarter figures disappointed and free cash flow remained negative, while Intel tumbled about 26 per cent following a weaker‑than‑expected outlook that highlighted persistent softness in personal‑computer demand. Among chipmakers, Advanced Micro Devices fell close to 10 per cent, with Nvidia and Broadcom lower by about 3 per cent and 4 per cent respectively. SanDisk retreated roughly 9 per cent even after posting better‑than‑forecast results and unveiling an eight‑for‑one stock split.
The shift away from high‑growth shares coincided with gains in classic defensives. Procter & Gamble, Walmart and Coca‑Cola each rose by around 2 per cent, helping to cushion the Dow. Healthcare also outperformed, with Johnson & Johnson and Merck up by roughly 2 per cent as buyers sought steadier earnings profiles.
Traders framed the session as part of a broader rotation sparked by doubts over the speed of artificial‑intelligence monetisation and the capital intensity of new infrastructure. The mood was already fragile after Alphabet’s sharp fall on Thursday, when the Google parent missed earnings and revenue estimates and reported negative free cash flow, dragging the Nasdaq to a loss in the prior session. With October drawing to a close, the Nasdaq Composite is heading for a decline of nearly 5 per cent this month, the S&P 500 is tracking a drop of roughly 0.4 per cent, and the Dow remains on course to rise by more than 2 per cent.
Safe‑haven metals weakened alongside risk assets.
By around 10.17am EDT, gold futures were down nearly 3 per cent on the day and at their lowest levels since early November 2025, while silver futures also touched their weakest point in almost a year.
