S&P 500 falls 1.8% to 7,580.07 points in worst session since June
Key Facts
The S&P 500 closed at 7,580.07 points on October 30, down 1.8% in its worst session since June, ending a third consecutive week of losses, according to market data and an Associated Press report. The decline came amid turbulence in technology stocks following major companies’ results and questions about returns on artificial intelligence spending. The available evidence therefore does not provide a basis for describing the move as a confirmed technical breakout or treating it as a bearish signal. By contrast, futures rebounded Monday morning ahead of data and political events expected during the week.
Portfolio manager Joe Tigay said the AI trade is moving from a phase of hope to one of proving results, pointing to a shift in investor focus toward what investments are actually delivering. The assessment came after results from Alphabet and Amazon raised new questions about the scale of their AI-related spending, according to the Associated Press. Divergence among the indexes underscores the pressure on technology stocks: the Nasdaq 100 fell more than 6.7% in October, while the semiconductor index declined more than 15%. The S&P 500, meanwhile, fell just under 1% for the month, according to an Axios report. The comparison puts the latest session’s losses in the context of broader weakness in growth and technology stocks, with the broader index posting a less negative monthly performance.
Stock futures gained support Monday morning, November 2, with S&P 500 futures up 0.5%, Dow Jones futures up 0.6% and Nasdaq futures up 0.8%, according to the Associated Press. In energy markets, Brent crude fell 4.2% to $108.68 a barrel amid hopes for progress in diplomatic efforts between the United States and Iran. These moves came ahead of the market open and do not erase the index’s losses in the previous session or its run of weekly declines. Investors are also watching additional earnings reports: Apple and Palantir were scheduled to report after Monday’s close, followed by AMD’s quarterly results Tuesday. About half of S&P 500 companies had reported their latest results, the Associated Press said, while Wall Street expected overall earnings to rise 30%.
Economic data add mixed signals to the picture. The Employment Cost Index for total compensation of civilian workers rose 0.8% in the third quarter of 2026, according to the U.S. Bureau of Labor Statistics. The October reading of the Chicago Purchasing Managers’ Index, which appeared in the previous draft, is not included in the available evidence and therefore cannot be included here. Labor-market data are due in stages this week: the Bureau of Labor Statistics has scheduled the release of the September Job Openings and Labor Turnover Survey for November 3 at 10:00 a.m. The monthly jobs report, scheduled for release on November 6 at 8:30 a.m. Eastern time, will show employment during October; economists expected little change from September’s disappointing reading, the Associated Press said.
The releases coincide with the U.S. midterm elections scheduled for Tuesday, November 3, whose outcome Wall Street is awaiting, an Associated Press report said. Earnings announcements also continue this week across travel, technology and apparel, with companies reporting results for the latest quarter and their outlook for the coming period, according to the news agency. The report linked the significance of these announcements to what they could reveal about the effects of inflation and the outlook for AI. With corporate results, employment data and elections converging, investors are focused on a cluster of catalysts close together in time. This follows a third week of losses for the index, despite futures rising at the start of the week.