S&P 500 futures slipped 1.1% and Nasdaq 100 futures dropped 2.5%, while Dow Jones futures traded near the flatline on Friday, as a broad tech sell-off following disappointing earnings from Amazon and Intel pressured sentiment. Amazon fell nearly 7% in premarket trading after posting results that missed expectations, and Intel plunged more than 25% after issuing weaker-than-anticipated guidance. The reports reignited worries over the durability of the AI-driven market rally.
Other chip and tech names also came under pressure: Micron declined 5.6%, Nvidia lost 3%, and Arm slid 9.7%. Alphabet, which sank 12.6% on Thursday, extended its decline by about 1%.
In contrast, energy stocks provided a bright spot. ExxonMobil rose 1.8% after beating earnings estimates, while Chevron gained 1.7% as both its earnings and revenue topped forecasts.
For the week, the S&P 500 is up about 1% and the Nasdaq has added 1.1%, whereas the Dow has slipped roughly 0.7%. Month to date in October, the Nasdaq is down 2.5%, while the S&P 500 has advanced 0.9% and the Dow Jones has climbed 2.8%.