Tech sell-off drags U.S. markets lower as Intel, Amazon lead declines

A sell-off in technology stocks is driving U.S. markets down, with the S&P 500 falling 1.6% and the Nasdaq dropping 2.5% on Friday, October 30, 2026. Intel plunged 28.6% after issuing a weak profit forecast, while Amazon fell 1.9% following a disappointing earnings report and disclosure of heavy AI-related spending. Nvidia's 3.8% decline was the biggest drag on the S&P 500. Investors are increasingly questioning whether massive AI investments will yield sufficient returns, shifting from optimism to a "show me" phase. Bitcoin also fell toward $77,000 after a hack on Binance, while some companies like Exxon Mobil and Chevron rose on stronger-than-expected profits.