Tech Guidance Misses Trigger Semiconductor Selloff
US stocks extended intraday losses on October 30, as markets worried that earnings guidance from heavyweight tech giants missed expectations and that returns on massive AI capital spending would disappoint, making semiconductor stocks the hardest hit. The Philadelphia Semiconductor Index fell 878.42 points intraday, down 7.63% to 10639.78. The Nasdaq Composite fell 707.25 points, down 2.70% to 25477.48. The S&P 500 fell 128.22 points, down 1.66% to 7592.17. The Dow Jones Industrial Average fell 395.14 points, down 0.75% to 51947.42.
Intel Plunges 30% While Nvidia and TSMC ADR Slide
The selloff centered on negative outlooks from chip and cloud giants. Intel fell $27.72 intraday to $64.35, down 30.11%, after its fourth-quarter profit outlook came in far below expectations. Nvidia fell $8.70 to $204.97, down 4.07%. CoreWeave fell 10.07% to $54.63. TSMC ADR fell $25.14 to $406.67, down 5.82%.
Large Tech Weakens While Defensive Sectors Hold Up
Large tech stocks were under pressure, with Microsoft down 1.72% to $521, Amazon down 1.96% to $239.02, Apple down 0.60% to $346.8, and Alphabet down 0.78% to $281.62. As tech weakened, haven buying rotated into utilities and traditional defensive sectors, with Verizon up 3.15% to $45.04 and Johnson & Johnson up 0.23% to $275.82, signaling a defensive sector rotation.
Taiwan Futures Night Session Tumbles 657 Points to Break Below 45000
Weakness in global semiconductors hit Taiwan-linked contracts, with Taiwan futures in the night session seeing panic selling, falling 657 points intraday, down 1.45% to 44643, breaking directly below the 45000 mark and touching a low of 44601 intraday, leaving heavy short-term technical pressure. The above figures are intraday updates as of press time; actual quotes are subject to the market.