The S&P 500, Nasdaq and Dow closed lower Friday as investors reassessed technology valuations and the scale of corporate AI spending. Intel and Amazon were among the companies drawing particular attention after earnings reports.
U.S. stocks sold off on Friday, October 30, with the S&P 500 closing down 1.8%, the Nasdaq down 2.9% and the Dow down 1.1%, according to the Associated Press. The reporting linked the broad decline to renewed concern about technology valuations and whether the heavy capital spending behind the artificial intelligence boom will generate returns that justify it. The figures are regular session closes, not an intraday or after hours snapshot.
Intel was among the sharpest moves, with AP reporting that its shares fell almost 29% after the company’s outlook disappointed investors. Intel’s own results release forecast fourth quarter revenue of $15 billion to $16 billion and non GAAP earnings per share of 25 cents at the midpoint. Amazon also came under scrutiny after it reported third quarter results, even as the company said AWS sales grew 39.3% year over year. AP reported that investors focused on spending and cash flow alongside that cloud growth.
The day’s move does not settle a longer term view of any company or of artificial intelligence investment. It does show that investors were reacting to both company guidance and broader questions about valuation, costs and expected returns. Readers can review the original reports below for the full figures and each company’s own statements.
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