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US stock market today: US stocks fell for the second day in a row on Friday, October 30, as investors worried about the health of the AI trade. At 10:58 AM ET, the Dow Jones was at 52,113.50, down 229.06 points or 0.44%. The S&P 500 was at 7,621.06, down 99.33 points or 1.29%. The Nasdaq was at 25,623.29, down 561.44 points or 2.14%.
Why is the US stock market down today?
Two earnings reports, from Amazon and Intel, came after Thursday’s closing bell and are pulling the market down this morning.
Thursday was already weak. All three major indexes closed lower, and the Nasdaq lost 1.6% after Alphabet’s results disappointed. Amazon and Alphabet both posted rare earnings misses. Alphabet had its worst day in over 20 years.
Amazon missed estimates on both revenue and profit. Its free cash flow also fell because of heavy spending on AI. Intel dropped sharply after giving a weak outlook for the fourth quarter.
Chip stocks fell across the board. AMD lost 9%, Marvell 6% and Broadcom 5%. Micron and Nvidia each gave up more than 3%. The iShares Semiconductor ETF (SOXX), which holds Intel and AMD as its two biggest positions, was down 7%.
Crypto stocks also took a hit. Bitcoin fell to around $76,600 from a high near $82,000 on Thursday. Strategy (MSTR) was down 10%, Coinbase (COIN) 12% and Robinhood (HOOD) 8%.
In other markets, WTI crude was above $104 a barrel, up about 2%. Gold fell to around $3,920, close to its lowest level since last November. The 10-year Treasury yield stayed at 4.94%.
Intel stock price today: why the chipmaker is down nearly 30%
Intel (INTC) is the worst performer on the S&P 500 today. At 10:58 AM ET it traded at $66.52, down $25.55 or 27.75%. Earlier in the session it fell about 30%, to below $65. That is a price the stock has not seen since spring.
The fall comes after a big run. Intel was up roughly 250% this year through Thursday’s close, and had recently crossed levels last seen in 2000.
The trigger was the company’s outlook. Intel expects fourth-quarter revenue of $15 billion to $16 billion and GAAP profit of 10 cents a share. Both are below the average estimate tracked by Visible Alpha. This overshadowed third-quarter numbers that were better than expected. CEO Lip-Bu Tan said the company faces “headwinds across the PC industry” and is finding it hard to meet “extremely high AI driven demand.”
Intel’s foundry business, which makes chips for other companies, is also under watch. Its revenue rose nearly 60% year on year in Q3, but it posted an operating loss of nearly $1.9 billion.
Valuation is another worry. Before the fall, Intel traded at more than 50 times estimated 2027 earnings, well above its peer group average. Morgan Stanley, which rates the stock neutral, cut its price target to $75 from $84. The Visible Alpha average target is around $90.
High trending stocks today: Amazon, Nvidia, Reddit and more
Amazon (AMZN) traded at $239.31, down 1.84%. Third-quarter revenue rose nearly 12% from a year ago to about $202 billion. Net income fell, partly because last year’s quarter had gains from its stake in Anthropic. Amazon still expects AWS revenue growth run rates above 40% in both 2027 and 2028. The stock is up just 3% this year, while the S&P 500 is up 11%.
Nvidia (NVDA) was at $207.25, down 3%. Alphabet (GOOGL) was at $280.64, down 1.12%, and CoreWeave (CRWV) was at $55.48, down 8.65%. SpaceX (SPCX) was at $138.52, down 3.73%, and Nokia (NOK) was at $8.66, down 6.98%.
Three internet stocks also fell after their Q3 results. Reddit (RDDT) dropped 24%, Roblox (RBLX) 16% and Pinterest (PINS) 6%.
Acumen Pharmaceuticals (ABOS) fell 87.47% to $0.29.
A few stocks rose. TNL Mediagene (TNMG) gained 24.26% to $3.79 and Ri added 5.41% to $12.07.
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