Tech selloff drags global stocks lower as bonds and oil rise
Intel shares dropped 28% after results showed heavy cash consumption, while the Nasdaq lost 2.61% and investors sought U.S. government debt.
Nasdaq 100 drops 3.5% as Intel and Reddit lose 29%
The Nasdaq composite had its worst month since March 2025, while concerns over artificial intelligence spending weighed on major technology companies.
Technology shares led a U.S. stock retreat on October 30 as the Nasdaq 100 lost 3.5%. Intel and Reddit each sank 29%, while Sandisk shed 13%. The Nasdaq composite suffered its largest one-day loss since June.
After paring deeper losses, the Nasdaq 100 remained close to correction territory, defined as a 10% retreat from a recent high. The broader Nasdaq composite stood 7.8% below its closing peak and recorded its poorest monthly performance since March 2025.
Shares in Microsoft, Meta Platforms, Amazon and Alphabet declined between 1% and 2%, adding to losses earlier in the week. Capital Economics said those four businesses represented more than a third of capital spending over the past 12 months among companies currently in the S&P 500.
John Higgins, a markets economist at Capital Economics, said growing reliance on outside financing for that spending was making investors more nervous about its size and funding. Brian Jacobsen, chief economic strategist at Annex Wealth Management, said investors were judging which companies could generate revenue from the investment.
Selling also hit financial stocks: Jefferies lost 6% and Goldman Sachs slipped 4%, while Treasuries gained. A 6% decline in silver brought its loss for the year to 31%. Gold's 3.5% fall left it down 10% for 2026. Oil gained 2%.