Stock Market Today: Intel Slump Sends the Nasdaq Down 2.9%
The S&P 500 fell about 1.8% to 7,580.07 on October 30 after Intel’s weak outlook hit AI stocks. SPY closed at $755.72, about 3% below its October 6 record close.
US stocks ended October with a sharp tech-led drop. On Friday, October 30, the S&P 500 fell about 1.8% to 7,580.07, the Nasdaq about 2.9% to 25,437 and the Dow about 1.1% to 51,770.31. SPY closed at $755.72, about 3% below its October 6 record close of $779.09. Intel fell about 29% after a weak outlook, and Amazon lost about 1.4% after falling as much as 6%. A day earlier, Alphabet fell about 12.6% and ServiceNow about 27% after their results. The worry is whether heavy AI spending will pay off. For October, the Nasdaq lost about 5.3% and the S&P 500 about 0.9%, while the Dow gained about 1.7%. Futures pointed higher early on Monday, November 2, ahead of a busy week.
What Is Driving the Move?
Weak tech results
Intel’s outlook overshadowed better-than-expected results, and Alphabet and ServiceNow fell sharply on October 29. Investors are asking harder questions about the return on AI spending and about cash flow.
The Fed and inflation
The Fed held rates at 3.75%–4% on October 28, with two officials voting for a hike. September PCE inflation came in at 3.6% a year, and markets still lean toward a hike at the December 8–9 meeting.
Strong economy, high oil
Third-quarter GDP grew at a 3.4% annual rate, above forecasts, and jobless claims fell to 194,000. US crude rose above $104 on October 30, adding to inflation worries, before easing to about $100.
Technical Analysis
SPY daily RSI is about 40 — on the weak side, down from about 47 two weeks ago.
SPY is below its 20-day (about $770.50) and 50-day (about $767.50) averages and above its 200-day (about $729).
Resistance is about $761, then $767.50–$770.50, then the $779–$782 record zone. Support is $750, the October 30 low, then the 200-day. Check the live SPY chart on The Tradeskill for where price sits right now.
What Traders Should Watch
- Apple and Palantir earnings on November 2, and AMD on November 3.
- The US midterm elections on November 3 and the jobs report on November 6.
- Whether SPY holds $750 and gets back above $770.50, its 20-day average.
None of this is a guarantee of what happens next. It is a checklist for reading the move, not a prediction.
The Tradeskill View
SPY is only about 3% below its record, but the selling is concentrated in the stocks that led the rally. Watch whether that spreads.
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Frequently asked questions
How did the stock market do on its last close?
It fell. On October 30 the S&P 500 lost about 1.8% to 7,580.07 and the Nasdaq about 2.9%, as Intel’s weak outlook hit tech stocks.
Why did tech stocks fall?
Weak results and outlooks from Intel, Alphabet and ServiceNow raised doubts about whether heavy AI spending will pay off.
Is this a signal to buy?
This article explains what moved the market. It is not financial advice. Whether to buy depends on your own plan, timeframe, and risk tolerance.
Latest Market News
The real, dated sources this analysis was researched from. We don't copy them, we just link out so you can read further.
Markets News, Oct. 30, 2026: Tech Sell-Off Sends Nasdaq, S&P 500 Reeling; Intel Stock Drops 30%; Bitcoin Slides, Gold Hits One-Year Low
Friday’s sell-off and how the indexes finished October.
Yahoo Finance · October 30, 2026
Stock Market News for Oct 30, 2026
Thursday’s earnings drops, GDP and inflation data.
Yahoo Finance · October 30, 2026
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Disclaimer: this article is educational analysis, not financial advice. Markets involve risk, and past behavior does not guarantee future results. Always do your own research.
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