Nasdaq Futures Slide as Amazon and Intel Shares Plunge

Investor concerns over technology earnings and artificial intelligence spending triggered another market sell-off as US stock futures declined Thursday evening, Oct. 29, 2026. Nasdaq-100 futures dropped 1.7%, while S&P 500 futures lost 0.7%, following disappointing results from major technology companies Amazon and Intel.

Dow futures slipped 13 points as investors reassessed the outlook for technology companies after a difficult trading session on Wall Street. The declines also spread across Asian markets on Friday, Oct. 30, reflecting continued pressure on semiconductor and technology stocks.

According to CNBC, Amazon shares fell 6% in extended trading after its third-quarter revenue and earnings missed Wall Street expectations. The company also recorded negative free cash flow of $42.4 billion while maintaining its 2026 capital expenditure forecast of $220 billion.

Intel experienced a sharper decline, with shares plunging 21% after management issued a weaker outlook for the current quarter. The company pointed to slowing demand in the personal computer market, while revenue in its client computing and physical artificial intelligence group fell 5% year over year to $8.1 billion.

Sandisk shares also declined 3% despite reporting fiscal first-quarter results above analyst expectations. The data storage company additionally announced an eight-for-one forward stock split.

Thursday's regular trading session had already reflected growing concerns about technology valuations. Alphabet shares dropped 12% after the Google parent missed third-quarter earnings and revenue expectations and reported negative free cash flow of $9.07 billion.

The decline pushed the Nasdaq Composite down 1.4%, while the S&P 500 and Dow Jones Industrial Average each lost approximately 0.3%, according to Yahoo Finance.

Microsoft delivered better-than-expected quarterly earnings and revenue, but concerns surrounding artificial intelligence investment returns continued to weigh on the broader technology sector. Semiconductor and software stocks also weakened, with Fortinet and ServiceNow recording double-digit declines following their earnings announcements.

Other companies experienced substantial movements. Eli Lilly gained 6% following strong third-quarter results for its GLP-1 drugs, while Caterpillar shares fell as much as 12% after its financial outlook disappointed investors. Grocery retailer Sprouts plunged 22% after announcing a price-cutting strategy expected to pressure profits into next year.

The broader market weakness followed the Federal Reserve's decision to keep interest rates unchanged on Wednesday. Two policymakers dissented in favor of an increase, while September's Personal Consumption Expenditures price index showed annual inflation of 3.6%.

Asian markets reflected the pressure on technology shares during Friday's trading. Japan's Nikkei 225 initially fell 0.68%, while South Korea's Kospi declined 3.11%. Earlier market indications showed particularly sharp losses in semiconductor-related shares.

SoftBank Group fell 4.66%, Tokyo Electron declined 3.93%, and Advantest lost 5.43% in Japan. South Korean chipmakers also weakened, with SK Hynix falling 6.36% and Samsung Electronics declining 3.45%.

Meanwhile, concerns about artificial intelligence infrastructure spending continued to affect companies associated with data center expansion. CNBC reported that CoreWeave shares had fallen 30% during October, while Nebius was heading toward a monthly decline of 27%.

The Roundhill Memory ETF, which includes Micron and Seagate Technology, lost 14% during the month. The iShares A.I. Innovation and Tech Active ETF declined 10%, reflecting broader investor caution toward artificial intelligence-related investments.

Cryptocurrency markets also faced selling pressure amid concerns about a potential security incident involving Binance. Bitcoin dropped more than 4% to $77,994.96, falling below the psychologically important $78,000 level. Ether declined 4.84% to $2,247.45, while BNB lost 7.68% to $694.45.

Binance said it was investigating "a potential security issue" involving its trading platform. Several cryptocurrency companies subsequently froze funds associated with the incident.

A Binance spokesperson addressed concerns about the platform's security and the status of customer assets.

"Our teams are aware of reports of a potential security issue and are actively investigating. Rest assured that user funds are completely safe. Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information," a Binance spokesperson said.

Circle separately confirmed that it had frozen more than $800 million in USD Coin connected to the potential incident. CNBC reported that Circle and Tether had frozen a combined $2.54 billion in related funds.

The developments also affected Circle's stock, which fell 4% in its latest trading session. Circle CEO Jeremy Allaire confirmed the company's action on Thursday evening.

Despite the broader cryptocurrency decline, Hyperliquid's HYPE token moved higher, gaining 9.7% to $89.08.

Friday marks the final trading session of October. The Nasdaq Composite was heading toward a monthly decline of 2.5%, while the S&P 500 was on track to gain 0.9% and the Dow Jones Industrial Average was positioned for a 2.8% monthly advance, according to CNBC.