Nasdaq falls more than 3% as Intel plunges about 30% and chip stocks slide; Amazon also lower
US stocks fell for a second day on Friday 30 October, with the Nasdaq Composite down about 3.3% in afternoon trading as Intel, AMD and other chipmakers dropped after Intel's weak outlook and Amazon's results. Oil rose and gold fell to its lowest level in about a year.
US stocks fell for a second straight day on Friday 30 October, the last trading day of the month. As of 17:51 GMT, the Nasdaq Composite was down 3.25% at 25,334.45, the S&P 500 down 2.01% at 7,565.12 and the Dow Jones Industrial Average down 1.05% at 51,790.76, according to Yahoo Finance data. Trading was still under way.
Intel shares were down about 30% at $64.02 after the company’s fourth-quarter forecast came in below analysts’ estimates. Amazon was down 1.7%, having fallen as much as 6% early in the session after its results missed expectations, Investopedia reported. Other chipmakers also fell: AMD was down about 12% and Nvidia about 5%, Yahoo Finance data showed. Yahoo Finance said results from Amazon and Alphabet this week had “rekindled concerns” about how much Big Tech is spending on artificial intelligence. AP reported that the Nasdaq was heading for its worst day since June.
Exxon Mobil and Chevron rose about 1.6% and 1.8% after their quarterly results, and AstraZeneca’s US-listed shares were up about 7% after it reported an earnings beat, according to Yahoo Finance.
In Europe, the Euro Stoxx 50 closed down 1.2% and Germany’s DAX down 0.9%, while London’s FTSE 100 was little changed. In Asia, Japan’s Nikkei 225 fell 2.1%, South Korea’s Kospi 3.5% and China’s Shanghai Composite 2.2%, while Hong Kong’s Hang Seng rose 0.9% and Australia’s S&P/ASX 200 0.7%, Yahoo Finance data showed.
As of 17:41 GMT, Brent crude futures were up 2.9% at $113.99 a barrel, and gold futures were down 3.4% at $3,892.80 an ounce, according to Yahoo Finance data.
See also: Intel’s third-quarter results and Amazon’s third-quarter results.
Sources
- Stock market today: Nasdaq dives, S&P 500 and Dow fall as Amazon, Intel earnings fuel tech rout · Yahoo Finance
- Stock Market Today: Nasdaq, S&P 500 Slide Amid Tech Sell-Off as Intel Plunges After Earnings; Gold Drops to One-Year Low · Investopedia
- The sell-off for tech stocks deepens as the Nasdaq heads toward its worst day since June · AP News
- Index and futures quotes · Yahoo Finance
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