Nasdaq Falls 747.73 Points in Tech Selloff as Apple Regains Market-Value Lead

Key Facts

The Nasdaq Composite fell 747.73 points to 25,437.00 on Friday, Oct. 30, a decline of 2.9%, according to the Associated Press. It led U.S. stock losses in a session that saw the S&P 500 fall 1.8% and the Dow Jones drop 1.1%. The agency said the S&P 500 had its worst day since June. The losses came amid renewed selling in technology shares, while Apple regained the lead among listed companies by market value. Apple shares fell during the session, but a steeper drop in Nvidia widened the gap between the two companies at the close.

The AP linked the selloff to concerns that investor enthusiasm for artificial intelligence had pushed share prices to elevated levels, and to doubts over whether heavy spending on AI infrastructure could generate returns to justify it. Reuters quoted John Higgins, markets economist at Capital Economics, as saying investors had become more concerned about the scale of investment by major cloud computing companies and how it was being financed. Higgins pointed to the use of external sources for part of that financing. According to Capital Economics, four of the largest cloud operators accounted for more than a third of current S&P 500 companies’ capital spending over the previous twelve months. That spending was concentrated at a time when markets are questioning the returns it will generate, adding to pressure on technology shares.

The sharpness of the reassessment was evident in Intel shares, which fell 28.6% on Oct. 30, their biggest drop since 1974, according to the AP. The company had forecast fourth-quarter earnings below analysts’ estimates, although its most recent quarterly earnings exceeded expectations. A day before the session, Alphabet shares fell more than 12% in their worst day on record after the company told investors its cash spending would increase. Those moves kept major technology shares under sustained pressure for two sessions. Investors focused on whether returns on elevated spending would keep pace with its scale, as well as its effect on companies’ available cash.

Amazon provided a direct example of the scale of spending that concerned investors: it spent $94.8 billion on property and equipment in the twelve months preceding its Oct. 30 report, with most of the spending invested in artificial intelligence, according to the AP. Over the same period, the company posted negative free cash flow of $42.4 billion. The figures coincided with investor concern, reported by Reuters, over the sums major cloud computing companies are investing and how they are financing them. The session’s declines were not limited to technology shares: the Nasdaq 100 fell 3.5%, nearing correction territory, defined as a 10% decline from its recent peak, according to Reuters. Gold also fell 3.5% and silver 6%, in a session-wide retreat across other assets.

By contrast, investors moved into U.S. Treasuries, sending the 10-year yield down to 4.93% on Friday from 4.98% at Thursday’s close, according to the AP. The yield move reflected a shift toward safer assets alongside stock losses, even as precious metals also fell during the session. At the company level, Apple’s market capitalization stood at $5.03 trillion at the close on Oct. 30, compared with $4.93 trillion for Nvidia, according to Investing.com. Apple shares themselves fell 1.2%, while Nvidia shares dropped 4.2%. Apple closed at $344.63 a share, according to EL7 data.

The extended decline from recent peaks made the market more sensitive to spending and earnings news. Reuters reported that the Nasdaq ended October 7.8% below its record closing high, after recording its worst monthly performance since March 2025. The AP also warned that U.S. officials had asked regional allies to prepare for the possibility of military action resuming after the Nov. 3 election, while President Donald Trump had not made a final decision. AP coverage identified concerns over AI valuations and capital spending as the direct drivers of the selloff. The U.S. Bureau of Labor Statistics is scheduled to release its October employment report on Friday, Nov. 6, 2026, at 8:30 a.m. Eastern time. Investors will turn their attention to the report after a session that showed broad pressure on stocks and risk assets.