Nasdaq slides over 2% as Amazon and Intel results deepen AI spending worries

Technology stocks led a broad selloff on Friday, Oct. 30. Nasdaq-100 futures were down more than 2% before the open, and by 09:53 ET the Nasdaq Composite had shed 2.21% to 25,606.33, with the S&P 500 down 1.22% and the Dow off 0.39%, Reuters reported. Overnight, futures had already dropped about 1.5% as investors digested Thursday's after-hours reports.

AMZN was the capex story. Net sales rose 12% to $201.9 billion and EPS came to $1.89, but trailing twelve-month free cash flow swung to an outflow of $42.4 billion as the company kept its 2026 cash capital expenditure plan at about $220 billion; Yahoo Finance reported Amazon spent about $77 billion on property and equipment in the quarter alone. The shares were off about 7% after hours and roughly 2% in early regular trading. INTC was the bigger casualty: Q3 revenue grew 21% to $16.5 billion, but Q4 revenue guidance of $15 billion to $16 billion disappointed, and the stock tanked more than 30%, set for its biggest one-day loss on record. Reuters estimated the two stocks were set to lose about $200 billion in combined market value.

The damage spread across chips. AMD fell 9.3%, NVDA about 3% and the chip index 5.7%. It came a day after GOOGL had what Investing.com called its worst day ever, losing more than half a trillion dollars in market value. Treasuries caught a bid, with the 10-year yield easing to about 4.94%. Energy bucked the tape, with CVX and XOM higher after record refining profits.

What to watch: whether other hyperscalers hold or trim their 2027 capex plans, how long free cash flow stays negative at Amazon, and whether the selloff broadens from AI-exposed names into the rest of the market.