On October 30, the Dow Jones Industrial Average dropped 700 points as selling pressure accelerated during a late-session sell-off. The Nasdaq and S&P 500 indices also plummeted in the final hour of trading, driven by a significant rout in technology stocks. This decline contributed to the Nasdaq recording a 5% loss for the month of October. The market downturn was primarily triggered by the deepening sell-off across the tech sector.
Intel and Amazon results fueled concerns about the cost and returns of AI investment, while the Nasdaq fell 2.86% and the semiconductor index dropped 7.2%.
Read the full storyThe decline in the October 30 session coincided with broad losses in U.S. stocks, as concerns about AI valuations and pressure from technology spending fueled the selloff.
The S&P 500 fell 2.2% in a mid-session update, while Intel shares dropped 30.9% and a decline in Nvidia weighed on the broader index.