S&P 500 falls 1.8% to 7,580.07 points in worst session since June
Key Facts
The S&P 500 fell 1.8%, or 140.32 points, on Friday, October 30, to close at 7,580.07, its worst session since June, according to the Associated Press. The close was below 7,720.39 points in the previous session, according to EL7 data. The index fell 0.6% for the week, equivalent to 43.61 points. Losses extended to other major indexes, with the Nasdaq Composite down 2.9% to 25,437.00 and the Dow Jones Industrial Average falling 1.1% to 51,770.31. As turbulence broadened, the U.S. stock market remained 3.1% below its record high, according to the Associated Press.
Selling pressure was concentrated in technology stocks amid concerns that AI fever had pushed share prices to elevated levels. The Associated Press said Amazon's latest earnings report raised further questions about how much companies are spending on AI investments. Nvidia shares fell 4.2%, making it the biggest drag on the S&P 500 in the session, outweighing the impact of Intel's decline, the agency said. Intel fell nearly 29% after its earnings forecast came in below analysts' expectations. The Associated Press described it as the stock's worst day since 1974, reflecting a sharp reaction to the company's financial outlook.
The yield on 10-year U.S. Treasury notes fell to 4.93% on Friday from 4.98% late Thursday, after topping 5.30% earlier in October, according to the Associated Press. In commodities, Brent crude rose 2.4% to $113.43 a barrel in the same session. Economic data released by the Bureau of Economic Analysis showed U.S. real gross domestic product grew at an annual rate of 3.4% in the third quarter of 2026, compared with growth of 2.2% in the second quarter. The bureau attributed the acceleration in growth mainly to faster investment and a turn to higher government spending, partly offset by a decline in exports. The GDP reading points to an improvement in the pace of economic activity, while September data showed a clear slowdown in real consumer spending growth.
Real consumer spending increased by less than 0.1% in September from the previous month, and the personal saving rate was 3.8%, according to the Bureau of Economic Analysis. In the same month, the personal consumption expenditures price index rose 0.5% from August, while the core index, which excludes food and energy, increased 0.3%. On an annual basis, the headline index rose 3.6% and the core index 3.1% in September. These figures place strong third-quarter GDP growth alongside a limited monthly increase in real spending and continued annual growth in core inflation. The previous draft had attributed the 3.1% reading to the GDP report; however, the Bureau of Economic Analysis identifies it as the annual increase in the core index in September.
Corporate earnings and economic data are central to investors' focus in the following week, alongside the U.S. midterm elections, according to a Reuters report via Investing.com. The report said more than half of S&P 500 companies had reported third-quarter results through October 30, with aggregate earnings on track to grow 31.6% for the period, according to LSEG I/B/E/S data. Among the reports due were results from Apple, AMD, Qualcomm and Palantir, Reuters said. The U.S. October jobs report was also scheduled for Friday of the following week. The agency said the elections, earnings reports and jobs data would test investors after successive setbacks in AI trading.
Among the economic releases scheduled for November 25, 2026, at 8:30 a.m. Eastern Time, is the second estimate of third-quarter gross domestic product and corporate profits, according to the Bureau of Economic Analysis. The personal income and outlays report for October is scheduled for the same time. The latter report includes updated spending and inflation data after September's reading showed the core personal consumption expenditures price index rose 3.1% year over year. These releases give investors fresh data on the path of growth, prices and spending after the sharp sell-off. Company results and upcoming economic data remain the market's focus in the days ahead.