TLDR
- Big Tech lost more than $1 trillion last week as investors questioned heavy AI spending.
- Alphabet had its worst single-day drop on record, and Intel fell nearly 29%.
- Binance reported a security breach involving an estimated $6.3 billion in digital assets.
- Apple, Palantir and AMD report earnings early in the week.
- The October jobs report is due Friday, November 6.
U.S. stocks ended last week sharply lower after weak tech earnings and concerns about AI spending. The Dow Jones Industrial Average fell 1.09% on Friday to 51,770.31. The S&P 500 dropped 1.82% to 7,580.07.
The Nasdaq 100 fell 3.46% to 28,384.85. For October, the Nasdaq Composite lost 5.3%, its biggest monthly decline since March 2025. The S&P 500 slipped 0.9% for the month, while the Dow gained 1.7%.
Big Tech lost more than $1 trillion in value last week. Alphabet fell more than 12% on Thursday, its worst single-day decline on record. The drop wiped out over $500 billion in market value.
Wall Street is obliterating BIG TECH, with Intel plunging nearly 30% and AMD losing more than 11%.
And the rest of the market? Surprisingly calm.
Nvidia is down 4.32%, Broadcom 5.63%, while Microsoft and Amazon are also in the red.
But ENERGY, UTILITIES, REAL ESTATE and parts… https://t.co/1LJc3JxKG8 pic.twitter.com/cpNjR89sjd
— Mario Nawfal (@MarioNawfal) October 30, 2026
Nvidia fell more than 4% on Friday, and Advanced Micro Devices lost nearly 11%. Intel dropped nearly 29%, its worst trading day since 1974, after it issued a weak earnings outlook.
Amazon reported negative free cash flow of $42.4 billion for the 12 months ended September 30. A year earlier, it was positive $14.8 billion. The company said higher spending on AI infrastructure drove the change.
Reddit shares fell about 29% on Friday. Third-quarter revenue rose 53% to $895 million, but the company’s fourth-quarter forecast came in below analyst estimates. Reddit said Google Search referrals fell by more than 1 million per week in October.
Crypto and Energy Markets
Binance, the world’s largest crypto exchange, reported a security breach involving an estimated $6.3 billion in digital assets. The company said a hacked employee laptop may have given an attacker access to its systems.
Binance paused deposits and withdrawals while it worked to contain the damage. About $3 billion in affected assets have been frozen on blockchain networks. The exchange said it will cover customer losses with its own funds and emergency reserves.
Bitcoin traded near $76,650 on Friday. The full extent of the Binance losses is still unclear.
Energy stocks held up better. ExxonMobil posted about $17.5 billion in quarterly profit, up 130% from a year earlier. Chevron earned roughly $10.4 billion, up 185%. U.S. crude oil rose to about $102.95 per barrel.
Anthropic filed an S-1 registration statement with the U.S. Securities and Exchange Commission on October 26. The company is preparing for a possible Nasdaq listing under the ticker ANT. Its filing showed more than $16 billion in revenue in the first half of 2026.
What to Watch This Week
Apple reports Monday, November 2, after the market closes. It will be the first earnings call for new CEO John Ternus. Analysts expect earnings of $1.99 per share on revenue of about $113.40 billion.
#earnings for the week of November 2, 2026https://t.co/iWOoty816a$AAPL $PLTR $AMD $DIBS $APP $AEHR $QCOM $AMC $SHOP $MRNA $SMCI $TXG $UBER $LITE $COHR $CHKP $KTOS $NVTS $ANET $FSLY $AAOI $BMRN $VSH $NET $OKLO $DOCS $TEM $PFE $CIFR $EL $CAVA $RIOT $BKNG $TEAM $NVO $ABNB $ETN… pic.twitter.com/i5Z2572tiF
— Earnings Whispers (@eWhispers) October 30, 2026
Palantir also reports Monday. Analysts forecast earnings of $0.41 per share on revenue of about $2.18 billion.
AMD reports Tuesday after the close, with analysts expecting $1.95 per share on revenue of about $13.09 billion. Super Micro Computer reports the same day.
Uber, Qualcomm, Arm Holdings and McDonald’s report Wednesday. DoorDash, which agreed last week to merge with Instacart, also reports that day.
Shopify, Cloudflare, IonQ and Airbnb report later in the week. Moderna reports Friday before the market opens.
U.S. midterm elections are Tuesday, November 3. The Job Openings and Labor Turnover Survey is also due that day. The Federal Reserve held interest rates steady at its October 28 meeting.
The Bureau of Labor Statistics will release October job numbers Friday, November 6, at 8:30 a.m. ET. Employers added 29,000 jobs in September, and the unemployment rate rose to 4.2%. The 10-year Treasury yield ended last week near 4.93%.
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