Stock market today: Nasdaq, Dow, S&P 500 clobbered as October closes with brutal sell-off
The Nasdaq Composite fell as a tech-fueled sell-off intensified. Intel slid after the company warned of sluggish PC sales in the current quarter, Reddit dropped after posting weaker-than-expected third-quarter daily active users, and Amazon fell after reporting a free cash flow outflow of more than $42 billion over the 12 months through September. Oil rose on signs the US may resume military strikes against Iran. Yahoo Finance
Intel Plunges 25% as Weak Outlook and PC Slump Overshadow Earnings Beat; Dell Tumbles 13%, AMD Sinks 10%, NVIDIA Falls 3%
Intel guided fourth-quarter revenue to $15 billion to $16 billion against the $17 billion analysts expected and adjusted EPS to $0.25 against $0.43, with gross margin falling to 38% from 43% in the third quarter. Third-quarter adjusted EPS of $0.52 beat the $0.41 estimate on revenue of $16.5 billion, up 21% year over year. The company now expects the PC market to decline 12% in 2026 and 10% in 2027. 24/7 Wall St.
Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran
The expiring December Brent contract settled up $2.76, or 2.4%, at $117.64 after touching $118, while the more active January contract gained $2.63 to $113.43 and WTI settled $2.12, or 2.08%, higher at $104.12. Traders were bracing for a possible escalation in the Iran war after the US midterm elections, and an attack on a tanker in the Strait of Hormuz highlighted supply risks. Brent finished October 13.6% higher and WTI 15.2% higher. Reuters
Gold hits one-year low, silver drops below $50 as higher-for-longer rate view firms
Spot gold was down 2.7% at $3,910.53 an ounce, its lowest since October 2025, and on track for a second straight monthly decline. Higher energy prices and persistent inflation concerns strengthened expectations that US interest rates will stay high, and spot silver fell 5.8% to $49.34, its lowest since November 2025. CNBC
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,580.07 | -140.32 | -1.82% |
| Nasdaq Composite^IXIC | 25,437.00 | -747.72 | -2.86% |
| Dow Jones^DJI | 51,770.31 | -572.25 | -1.09% |
| CBOE Volatility Index^VIX | 19.42 | +2.22 | +12.91% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 101.89 | -0.14 | -0.14% |
| Brent CrudeICE Jan '27 · 2:30 PM ET settle | $113.43 | +$2.63 | +2.37% |
| WTI CrudeNYMEX Dec '26 · 2:30 PM ET settle | $104.12 | +$2.12 | +2.08% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $3,899.00 | -$132.00 | -3.27% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.06% | 0bp | +0.00% |
| 3-MonthT-bill | 4.16% | -2bp | -0.48% |
| 6-MonthT-bill | 4.25% | -3bp | -0.70% |
| 1-YearT-note | 4.36% | -6bp | -1.36% |
| 2-YearT-note | 4.56% | -5bp | -1.08% |
| 5-YearT-note | 4.71% | -7bp | -1.46% |
| 10-YearT-note | 4.94% | -4bp | -0.80% |
| 30-YearT-bond | 5.31% | -1bp | -0.19% |
Equities closed October with a broad technology-led liquidation as Intel's guidance reset compounded the prior session's Alphabet and software repricing: the S&P 500 fell 140.32 points, or 1.82%, to 7,580.07, the Nasdaq Composite 747.72 points, or 2.86%, to 25,437.00 and the Dow 572.25 points, or 1.09%, to 51,770.31, while the VIX rose 2.22 to 19.42, a 12.91% increase. Leadership was defensive and energy-driven: Energy (+1.91%), Consumer Staples (+1.41%) and Utilities (+0.67%) led six advancing sectors, while Technology (-4.89%) posted the session's steepest sector decline, followed by Industrials (-1.60%) and Communication Services (-1.29%). Reddit (-29.22%) was the weakest S&P 500 name on weaker-than-expected third-quarter daily active users, followed by Intel (-28.58%) on its fourth-quarter outlook and PC-market forecast, Illumina (-18.64%), Twilio (-15.24%) and Sandisk (-13.47%). FedEx Freight (+14.91%) led gainers, ahead of Regeneron Pharmaceuticals (+13.33%), Global Payments (+12.97%), GoDaddy (+10.72%) and CoStar Group (+7.21%).
The third-quarter Employment Cost Index rose 0.8%, in line with expectations and down from 0.9% in the second quarter, offering no sign of renewed labor-cost acceleration. Treasuries extended Thursday's rally with a modest steepening: the 1-year fell 6bp to 4.36%, the 2-year 5bp to 4.56%, the 5-year 7bp to 4.71%, the 10-year 4bp to 4.94% and the 30-year 1bp to 5.31%, widening 2s10s by 1bp to 38bp. Crude moved the other way on Iran escalation risk: January Brent, now the front month after December's expiry at $117.64, settled $2.63 higher at $113.43 and December WTI $2.12 higher at $104.12, leaving Brent 13.6% and WTI 15.2% higher for October. The dollar eased (DXY 101.89, -0.14), and gold fell 3.27% to $3,899.00 (1:30 PM ET print) as spot prices reached a one-year low on a higher-for-longer rate view.
Monday opens November with the October ISM Manufacturing PMI and September construction spending at 10:00 AM and the Fed's Senior Loan Officer Opinion Survey at 2:00 PM. Tuesday brings September JOLTS and factory orders at 10:00 AM on the day of the midterm elections, the event traders cited as the potential trigger for escalation in the Iran war. Wednesday carries the October ADP employment report at 8:15 AM, Treasury's quarterly refunding announcement and the September trade balance at 8:30 AM, and the October ISM Services PMI at 10:00 AM, ahead of Friday's October employment report. With crude at six-month highs feeding the higher-for-longer rate view that pushed gold to a one-year low, and Intel extending the guidance-led reset in AI-exposed technology, next week's data and the post-election geopolitical calendar carry more weight than usual for the November tape.