Nasdaq 100 futures fall 2.2% after Amazon, Intel results and spending warning
Key Facts
Nasdaq 100 futures fell 2.2% by 04:04 ET on October 30, while S&P 500 futures dropped 1.0% and Dow futures fell 0.1%, according to a report published by Investing.com and attributed to Reuters. The moves followed Amazon and Intel reporting results on the evening of October 29, and a decline in the Nasdaq Composite in the previous session. Amazon shares fell in after-hours trading following the results announcement, then extended losses before the open the next day. Investors focused on the growth outlook for the company's business units and spending on artificial intelligence. U.S. growth and inflation data also added to the calendar of items to watch ahead of new economic indicators in November.
Nasdaq 100 futures recorded the biggest decline among the major futures contracts cited in the report, losing 646 points, or 2.2%, at the stated time. S&P 500 futures fell 78 points, while Dow futures dropped 21 points, according to the figures in the report. Technology shares had come under pressure in the previous session: the Nasdaq Composite fell 1.38% on Thursday, October 29, as Alphabet shares dropped sharply. The report linked the index's decline to Alphabet's fall, while noting that investor concerns about spending on artificial intelligence were present in trading. These moves put technology company results and capital spending at the forefront of market attention, without by themselves indicating a uniform direction for all index constituents.
Amazon shares fell 7% in after-hours trading when results were released on the evening of October 29, according to the Associated Press, which said investors focused on sales forecasts and the scale of spending on artificial intelligence. In trading before the U.S. market opened on October 30, the shares fell more than 6% after the company indicated slower growth in its e-commerce and advertising units. An Investing.com report attributed to Reuters said the decline overshadowed the strength of AWS. The differing trading windows reflect a reaction that began after the results announcement and continued into premarket trading, as investors monitored sales and spending forecasts. The material available here does not include detailed figures for Amazon's results or guidance, so the focus remains on the share-price reaction and the factors cited in the reports.
On the economy, the U.S. Bureau of Economic Analysis' advance estimate showed real gross domestic product grew at an annual rate of 3.4% in the third quarter of 2026, after growth of 2.2% in the second quarter. Economists' forecasts, according to a FactSet survey cited by the Associated Press, pointed to 3% growth in the third quarter, making the reading higher than expected. The bureau attributed the increase to gains in investment, consumer spending and government spending, partly offset by a decline in exports. Investment accelerated, and government spending turned higher compared with the previous quarter. These details provide a picture of the sources of GDP growth, while monthly consumption and price figures remain another part of the economic picture.
In September spending and price data, personal consumption expenditures rose 0.5% month over month, according to the Bureau of Economic Analysis. The personal consumption expenditures price index increased 0.5% during the same month, while the index excluding food and energy rose 0.3%. On an annual basis, the headline index advanced 3.6% from September 2025, and the core index rose 3.1%. The readings combine growth in spending with continued price increases, adding to the data used to track the U.S. economy after GDP growth came in stronger than expected. The bureau is scheduled to release personal income and outlays data for October on November 25 at 8:30 a.m. ET.
The next test of factory activity comes with the release of the ISM manufacturing index on November 2 at 15:00 GMT, according to MetaTrader's economic calendar. The calendar puts the forecast at 54.7 points, versus a previous reading of 54.5 points. The Bureau of Economic Analysis is scheduled to release its second estimate of GDP and corporate profits for the third quarter on November 25 at 8:30 a.m. ET. The bureau's personal income and outlays report for October is due at the same time. These releases put factory, growth, spending and price data among the next milestones for investors following the market reaction to company results and the advance GDP reading.