Nasdaq Sinks 2.8% as October Ends With a Tech Sell-Off

U.S. stocks fell sharply on Friday, the last trading day of October, as disappointing earnings from large technology companies set off a broad sell-off. The Nasdaq Composite dropped 2.84% to 25,442.31, the S&P 500 lost 1.83% to 7,578.97, and the Dow Jones Industrial Average fell 1.06% to 51,785.82. The Russell 2000 slid 2.03%, and nearly 70% of U.S. issues declined.

Amazon's results were described as disappointing, and Sandisk fell even after beating forecasts on concerns that memory pricing may be near a peak. Nvidia was down close to 5% in afternoon trading, pulled lower by a semiconductor sell-off. The Cboe Volatility Index rose roughly 32% intraday to about 22.75, a sign of rising investor caution.

For investors, the session underscored how much recent market gains have leaned on AI and chip names. Attention now turns to how the sell-off carries into November trading and whether earnings from other sectors can steady sentiment.