TLDR
- Nasdaq 100 futures fell about 2% and S&P 500 futures dropped roughly 1% on Friday.
- Amazon shares fell 6.5% to 7% in premarket trading after weak online retail results.
- Intel stock dropped 25% to 26% after soft third-quarter sales and a short outlook.
- Alphabet kept sliding after losing about $497 billion in market value on Thursday.
- Brent crude rose to $112 per barrel, and WTI crude reached $103.
US stock futures fell on Friday, the last trading day of October. Technology earnings drove the decline.
Nasdaq 100 futures dropped about 2%. S&P 500 futures fell roughly 1%.
Dow Jones Industrial Average futures were close to flat. Early reports had shown them slightly higher before they slipped below the flatline.
Stocks fell for a second day in a row. Amazon and Alphabet both posted rare earnings misses this week.
Those reports renewed concerns about how much Big Tech is spending on artificial intelligence. Intel’s results added to the pressure on Friday.
Amazon and Intel Fall After Earnings
Amazon shares fell between 6.5% and 7% in premarket trading. The company posted weak third-quarter results from its online retail business.
Amazon Web Services, its cloud unit, reported solid figures. Those numbers did not make up for the retail results.
Intel stock dropped 25% to 26% before the open. The chip maker reported soft third-quarter sales.
Intel also gave a fourth-quarter outlook that came in short. Its PC segment weighed on overall results.
Revenue tied to artificial intelligence rose sharply at Intel. That growth did not stop the sell-off.
Alphabet and the Broader Market
Alphabet, the parent company of Google, kept losing value on Friday. Its stock had its worst day in more than 20 years on Thursday.
The company lost about $497 billion in market value that day. Fast growth in AI and cloud services did not offset weaker results in its services business.
S&P 500 futures were down 82.25 points, or 1.06%, at 7,672. Nasdaq 100 futures fell 691.25 points to 28,870.75.
Dow futures were down 23 points, or 0.04%, at 52,489. Oil prices rose, with Brent crude futures reaching $112 per barrel and WTI crude hitting $103.
Oil companies ExxonMobil and Chevron report results before the open on Friday. Drug makers AbbVie and AstraZeneca are also scheduled to report.
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