US stocks tumble as Intel, Amazon results fuel AI spending fears

economictimes.indiatimes.com —

US stocks plunged Friday as disappointing earnings from Intel and Amazon fueled fears over soaring AI costs and uncertain returns, with the Nasdaq suffering its steepest one-day drop since June 5. The S&P 500 fell 1.80% to 7,580.21, the Nasdaq dropped 2.84% to 25,440.68, and the Dow lost 1.09% to 51,770.58. Technology and chip stocks led losses, erasing over $1 trillion in market value across major indexes. Despite the selloff, 82% of reporting S&P 500 companies beat earnings estimates, with Exxon and Chevron exceeding expectations. Starbucks, Coinbase, and Robinhood also declined, while the S&P 500 and Nasdaq ended October with monthly losses.


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