Stock market today: Dow, S&P 500 and Nasdaq futures fall as Amazon and Intel profits shake investors

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U.S. stock futures fell during the last trading day of the month as earnings from Amazon (AMZN) and Alphabet (GOOG, GOOGL) this week reignited concerns about the amount of money big tech is spending on its AI ambitions.

Contracts for the Nasdaq-100 (NQ=F) fell 2%, with the tech-fueled sell-off showing no signs of slowing down. Dow Jones Industrial Average Futures (YM=F) fell below the flat line, while those of the S&P 500 (ES=F) fell 1%.

Stocks fell for the second straight day after Amazon and Alphabet reported rare earnings misses. Amazon shares fell 7% in premarket trading, while Alphabet continued to erase its market value after its stock suffered its worst day in more than 20 years.

Intel (INTC) also suffered a backlash following the release of its earnings report, falling 25% in pre-market trading after the company’s fourth-quarter outlook came up short.

On Friday, oil majors ExxonMobil (XOM) and Chevrons (CLC) and pharmaceutical companies AbbVie (ABBB) and AstraZeneca (AZN) report results before opening.

Although the results remain in focus, oil prices have rebounded, putting additional pressure on markets. Brent crude futures (BZ=F) hit $112 per barrel, while WTI crude (CL=F) hit $103 per barrel.

LIVE 3 updates

  • Oil Rises on Signs US May Renew Strikes on Iran

    Bloomberg reports:

    Oil rose on signs the United States may resume military strikes against Iran, risking further turmoil in the region that could hurt energy flows.

    West Texas Intermediate gained as much as $103 a barrel, after hovering above $3 in the previous session, while Brent stabilized near $115. A top commander briefed President Donald Trump on military options Thursday, The Wall Street Journal reported. The US leader has repeatedly given signals that he may resume airstrikes against Tehran after next week’s midterm elections.

    In Iran, one of the country’s top negotiators, Parliament Speaker Mohammad Bagher Ghalibaf, suggested that the Islamic Republic’s positions on ending the war would not be compromised. His remarks followed confirmation from Tehran that officials had received a letter sent by US Vice President JD Vance.

    The global benchmark Brent rose 12% in October, hitting a six-month high as the conflict drags on. This month’s gains came despite a recovery in flows from the Middle East, with producers managing to ship their cargoes through the Strait of Hormuz, even with elevated transport risks.

    Learn more.

  • Yen gains after BOJ and AI nervousness spurs Treasury rally and weighs on dollar

    Reuters reports:

    The yen edged higher on Friday after the Bank of Japan kept rates steady as expected, while the dollar followed falling Treasury yields as a new wave of selling in AI stocks sparked a flight to safety.

    The BoJ left interest rates unchanged at 1.25%, a widely expected move, but revised its inflation forecasts upwards and re-emphasised its willingness to continue raising borrowing costs to prevent rising inflation risks.

    Following the move, the yen strengthened to a high of 157.115 per dollar, erasing most of its losses from the month and putting it on track to finish October broadly stable.

    Learn more.

  • Good morning. Here’s what’s happening today.

    Economic data: Labor cost index, third quarter (+0.8% expected, +0.9% previously); MNI Chicago PMI, October (54.6 expected, 58.8 previously)

    Earnings schedule: ExxonMobil (XOM), AbbVie (ABBV), Chevron (CVX), AstraZeneca (AZN), BP (BP), Sanofi (SNY), General Dynamics (GD)

    Catch up on some news you may have missed overnight:

    Sandisk delivers solid results and an 8-to-1 split

    Reddit to limit access to logged out users in policy change

    Amazon stock falls after third-quarter earnings miss

    BoJ keeps rates steady, declares victory by hitting price target

    Andy Jassy says Prime Video stands to make ‘tens of billions of dollars’

Gn bussni

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