Market Wrap: Friday, October 30, 2026 — S&P 500, Nasdaq & Dow Jones

The major US indices suffered a significant decline today, with the Nasdaq Composite leading the way, down 2.86% and marking its worst day since June. The Dow Jones Industrial Average fell 1.09%, while the S&P 500 dropped 1.82%. The broad-based sell-off was driven by concerns over the AI sector, with disappointing earnings from tech giants such as Amazon and Intel contributing to the downturn. Intel's 30% decline was particularly notable, wiping out a significant portion of its market value. The sell-off was also fueled by Alphabet's massive $475 billion market value loss, the largest in its history.

The tech sector was the primary driver of the sell-off, with the Nasdaq suffering its worst day in nearly five months. The decline in tech stocks was so severe that it wiped out over $1.5 trillion in market value, with concerns deepening about the sustainability of the AI boom. Treasury yields declined as investors sought safer assets, while oil prices rose. The sell-off was uneven, with some sectors such as healthcare seeing relatively minor declines. However, the overall tone of the market was decidedly risk-off, with investors dumping tech shares and seeking refuge in safer assets.