Nasdaq Posts Worst Single Day Since June, Down 5.3% in October
US tech stocks faced heavy selling pressure on the 30th U.S. Eastern Time, with the tech-heavy Nasdaq Composite closing down 2.86% at 25,437.00 points, marking its worst single-day performance since June. The index is now down about 8% from its recent high. It plunged 5.3% cumulatively in October, its largest monthly decline since March 2025, reflecting heightened investor concerns over corporate earnings, capital spending, and debt risks among cloud operators.
Dow, S&P and PHLX Semiconductor Index Fall Together as TSMC ADR Plunges
The blue-chip Dow Jones Industrial Average fell 572.25 points, or 1.09%, to close at 51,770.31 points. The S&P 500 fell 1.82% to close at 7,580.07 points. The Philadelphia Semiconductor Index fell 7.20% to close at 10,688.801 points. TSMC ADR fell 5.95% to close at 406.13 dollars; TAIEX futures night session fell 1.91% to close at 44,433 points. As investors took profits ahead of month-end and adjusted positions ahead of next week's highly contested midterm elections, selling pressure intensified in the afternoon of the 30th.
Intel Collapses on Weak Guidance as AMD and NVIDIA Fall Together
Intel shares tumbled nearly 29% after the company gave a weak outlook for the current quarter and pointed to a slowdown in the personal computer market. Revenue in Intel's Client Computing and Physical AI division fell 5% from a year earlier to 8.1 billion dollars. The broader semiconductor sector also came under pressure, with Advanced Micro Devices shares falling nearly 11%, while NVIDIA and Broadcom fell 4% and 5% respectively.
Amazon shares fell more than 1% after the company reported third-quarter revenue and profit both below Wall Street expectations, posted negative free cash flow of 42.4 billion dollars, and maintained its 2026 capital expenditure forecast, expecting full-year capital expenditure of 220 billion dollars. SanDisk shares also fell 13%, even though the data storage company reported fiscal 2026 first-quarter results that beat market expectations. The company also announced an 8-for-1 forward stock split, meaning shareholders holding 1 share will hold 8 shares after the split.
Funds Rotate Into Defensive Stocks, Limiting Dow Decline
As investors shifted funds from tech stocks to other sectors, defensive sectors such as consumer staples and health care instead gained ground. Walmart and Coca-Cola shares both rose more than 1%, limiting the decline in the Dow Jones Industrial Average to some extent. Fellow Dow components Merck and Amgen also rose.