Technology shares lead broad market pullback at October’s close
AI · First reported 30 Oct, 20:34 · Updated 21:07
U.S. stocks fell on Friday, with technology and AI-related companies among the hardest hit. The report links investor concern to the scale and financing of major technology firms’ spending, while noting declines across other assets and sectors as well.
- The Nasdaq composite had its biggest one-day decline since June, and Intel and Reddit each fell 29%; Sandisk dropped 13%.
- Microsoft, Meta, Amazon and Alphabet shares fell 1% to 2% on Friday after significant declines earlier in the week; their spending plans were a focus of investor concern.
- The selloff extended beyond technology: financial shares and precious metals fell, while oil rose. The report describes uncertainty over whether a new trading month would bring a fresh start.
Summary written by Lux AI from 2 articles
Key facts
- Date
- The report describes Friday’s trading on October 30.
- Nasdaq 100
- Fell 3.5% and was described as near a correction, defined in the report as a 10% drop from a recent high.
- Nasdaq composite
- Was down 7.8% from its closing high.
- Hyperscaler spending
- Microsoft, Meta, Amazon and Alphabet together accounted for more than a third of capital spending by current S&P 500 constituents over the prior 12 months, according to Capital Economics as reported.
Source spectrum
Far left
Left
Lean left
Centre
Lean right
Right
Far right
Left 0 · Centre 2 · Right 0 of 2 rated sources
All coverage
- October ends with a thud for Intel, Reddit, AI stalwarts30 Oct, 20:53
Coverage over time
LeftCentreRight
Articles per hour since first reported, by side.
Ownership
- Corporation 50% (1)
- Government 50% (1)
Share of the 2 sources by owner type.