US stocks end October with sharp selloff as Intel and Reddit plunge 29%

US stocks ended October with a sharp selloff, with Intel and Reddit each plunging 29% and the Nasdaq posting its biggest one-day drop since June. The decline followed a week of losses for major tech firms like Microsoft, Meta, Amazon, and Alphabet, as investors grew uneasy over their massive AI infrastructure spending. Capital Economics noted these firms now account for over a third of S&P 500 capital expenditures, with some funding reliant on external financing. The selloff spread beyond tech, hitting gold, silver, and financial stocks, while oil rose 2%. Some analysts view the drop as a correction after excessive gains, though investors now await November for market stabilization.