Friday, October 30, 2026

Wall Street closed out October with a brutal tech-driven selloff on Friday, sending the Nasdaq plunging 2.86% to 25,436.998 and pushing the Nasdaq 100 into correction territory. The S&P 500 tumbled 1.82% to 7,580.07, the Dow Jones shed 1.09% to finish at 51,770.31, and the small-cap Russell 2000 fell 1.66% to 2,811.844. Risk-off sentiment dominated the floor, reflected in a 12.91% surge for the VIX to 19.42, a steep 3.68% drop in Gold to 3,883.1, and climbing crude prices as WTI gained 0.89% to 102.91.

Sectors in focus:

• Tech in freefall: Computer Storage Devices (-9.53%) and Semiconductors (-6.63%) cratered to lead the market lower. Intel plummeted 29%—its worst day since 1974—on weak Q4 guidance and a PC slump. Alphabet extended Thursday's 12% drop on search ad slowdowns, while Amazon fell roughly 2 percent as investors scrutinized its $94.8B in annual capex and massive AI infrastructure costs.
• Defensive rotation: Fleeing the tech wreckage, investors rotated heavily into safe havens like Chemicals & Allied Products (+4.11%) and Beverages (+2.42%).
• Energy strength: Escalating geopolitical tensions in the Strait of Hormuz and ongoing conflicts involving Iran pushed crude prices higher, directly boosting Drilling Oil & Gas Wells (+3.27%) and Petroleum Refining (+2.23%).

On the radar:

• Nov 3: US Midterm Elections take center stage with a potential shift in Congressional control, alongside a NY Fed small-value Treasury sale operation ($50M).
• Nov 6: US October Nonfarm Payrolls and the Unemployment Rate will test labor market resilience.
• Nov 11: The October Consumer Price Index (CPI) report drops, offering critical inflation data.
• Dec 8-9: The next scheduled FOMC interest rate decision will cap off the year's monetary policy moves.