Nasdaq posts worst day since June as Amazon and Intel shares slide
U.S. stocks fell sharply Friday, with the Nasdaq Composite posting its worst day since June as earnings reports from Amazon, Intel and Google parent Alphabet renewed investor concerns over the cost of developing artificial intelligence technology, United Press International reported.
The Nasdaq Composite dropped 2.8%, while the Dow Jones Industrial Average lost 579 points, or 1.1%, and the S&P 500 fell 1.8%, according to CNBC figures cited by UPI.
By Friday’s close, the Nasdaq Composite stood at 26,184.72, the S&P 500 at 7,743.98 and the Dow Jones Industrial Average at 52,342.56, according to FRED, the Federal Reserve Bank of St. Louis economic data service, with each value as of Oct. 30, 2026.
The sell-off followed quarterly earnings reports from the three companies that, according to UPI, raised concerns among investors about the costs of developing AI technology. The losses extended beyond the companies that reported results to other major semiconductor firms.
Amazon shares fell nearly 6% after the company reported third-quarter results that fell short of Wall Street expectations, according to UPI.
The company also reported negative free cash flow of $42.4 billion and maintained its 2026 capital spending forecast of $220 billion, the news service reported.
Intel shares dropped more than 5% after the chipmaker warned of slowing demand for personal computers. Intel reported a 5% decline in revenue from its client computing and physical AI division, according to UPI.
Other semiconductor companies also suffered losses, with Advanced Micro Devices falling 11%, Broadcom dropping 5% and Nvidia losing 4%.
Alphabet shares fell 1.2% Thursday following its earnings report and continued declining Friday. According to UPI, the company has faced growing scrutiny over its spending on AI infrastructure.