US stocks fell on October 30, 2026, as a technology selloff deepened and the Nasdaq Composite dropped 2.9%. But gains in energy and consumer shares offered a contrast: ExxonMobil and Chevron rose after reporting quarterly profits above analyst expectations.
Key Takeaways
- The S&P 500 fell 1.8% in its worst session since June, while the Nasdaq led the major indexes lower.
- Intel shares sank almost 29% after its profit forecast fell short of analysts’ expectations.
- Nearly as many S&P 500 stocks rose as fell, despite the decline in the overall index.
US stocks close lower across major indexes
The S&P 500 finished at 7,580.07, down 140.32 points. The Nasdaq fell 747.73 points to 25,437.00, while the Dow Jones Industrial Average and Russell 2000 also declined.
The selloff came amid concern that enthusiasm for artificial intelligence had pushed technology stock prices too high. Amazon’s latest profit report also raised questions about AI investment spending, though the timing of results alone does not establish the cause of the broader decline.
The S&P 500 was 7.8% below its all-time closing high reached on October 6. Its technology sector posted its largest monthly percentage loss since March 2025, while communication services had its biggest monthly drop since April 2022.
| Item | Details |
|---|---|
| S&P 500 | 7,580.07; down 140.32 points, or 1.8% |
| Nasdaq Composite | 25,437.00; down 747.73 points, or 2.9% |
| Dow Jones Industrial Average | 51,770.31; down 572.25 points, or 1.1% |
| Russell 2000 | 2,811.84; down 47.37 points, or 1.7% |
Intel forecast follows quarterly results
Intel sank almost 29% for its worst day since 1974, following a profit forecast below analysts’ expectations.
In Intel’s third-quarter results and outlook, released October 29, the chipmaker forecast fourth-quarter revenue of $15 billion to $16 billion and non-GAAP earnings of $0.25 per share. Those figures are forecasts, not completed results; third-quarter revenue was $16.5 billion.
Energy and consumer shares advance
ExxonMobil climbed 2.2% and Chevron gained 1.8% after both oil companies reported stronger quarterly profits than analysts expected. Mondelez International rose 3.9% after stronger-than-expected growth, and Colgate-Palmolive added 2.3% after revenue and profit exceeded expectations.
Third-quarter earnings season had passed its halfway mark, with 299 S&P 500 companies having reported. Of those, 82% beat consensus expectations, according to LSEG data. Analysts expected aggregate third-quarter earnings growth of 31.6% year over year, including forecasts for companies yet to report.
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Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
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