A trader works on the floor of the NYSE in New York City, US, October 28, 2026. [Photo Credit: Reuters]

US stocks ​tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5 following disappointing quarterly results from ‌Intel and Amazon, which amplified growing worries surrounding AI-related companies’ massive spending on the nascent technology.

All three major US stock indexes slumped, with the Nasdaq sliding 2.9%. The tech-heavy index has dropped 7.8% from its all-time closing high reached on October 6.

The tech rout was sparked by disappointing quarterly results from Intel (INTC.O), opens new tab and Amazon (AMZN.O), opens new tab released late on ​Thursday. While Amazon pared losses as the session progressed, Intel shares plunged 28.6%.

Chip stocks veered sharply lower, with Nvidia (NVDA.O), opens new tab down 4.2% ​and AMD (AMD.O), opens new tab sliding 10.9%. The broader chips index (.SOX), opens new tab shed 7.2%, slumping to a monthly loss of more than ⁠15%. Server makers Dell (DELL.N), opens new tab and HP (HPQ.N), opens new tab dropped 10.8% and 9.6%, respectively.

All three main equity indexes ​closed lower on the week. The S&P 500 and the Nasdaq logged monthly losses, while the Dow exited October with a gain.

The Dow Jones ​Industrial Average (.DJI), opens new tab fell 572.25 points, or 1.09%, to 51,770.31, the S&P 500 (.SPX), opens new tab lost 140.32 points, or 1.82%, to 7,580.07 and the Nasdaq Composite (.IXIC), opens new tab lost 747.73 points, ‌or 2.86%, ⁠to 25,437.00.

The S&P 500 tech sector (.SPLRCT), opens new tab posted its largest monthly percentage loss since March 2025, and communication services (.SPLRCL), opens new tab registered its biggest monthly drop since April 2022.

Third-quarter earnings season has passed the halfway mark, with 299 companies in the S&P 500 having reported. Of those, 82% have beaten consensus expectations, according to LSEG data.

Analysts now expect third-quarter S&P 500 earnings growth of 31.6%, year-on-year, per LSEG.

Oil supermajors Exxon Mobil (XOM.N), opens new tab and Chevron (CVX.N), opens new tab both beat quarterly profit ​expectations, benefiting from soaring profit margins ​as a result of energy ⁠supply disruptions arising from the US-Israeli war with Iran and Russia’s war in Ukraine. The stocks gained 2.2% and 2.8%, respectively.

Starbucks (SBUX.O), opens new tab dipped 1.8% after the coffee chain forecast an annual revenue decline due to its divestiture ​of its Chinese business.

Cryptocurrency-related firms Coinbase (COIN.O), opens new tab, Strategy (MSTR.O), opens new tab, and Robinhood (HOOD.O), opens new tab fell between 7.2% and 10.6% in the wake ​of reports that hackers stole $6.3 ⁠billion from Binance, the world’s biggest cryptocurrency exchange.

Declining issues outnumbered advancers by a 1.8-to-1 ratio on the New York Stock Exchange. There were 169 new highs and 377 new lows on the NYSE.

On the Nasdaq, 1,196 stocks rose and 3,622 fell as declining issues outnumbered advancers by a 3.03-to-1 ratio.

The ⁠S&P 500 posted ​43 new 52-week highs and 5 new lows while the Nasdaq Composite recorded 70 ​new highs and 355 new lows.

Volume on US exchanges was 19.87 billion shares, compared with the 17.26 billion average for the full session over the last 20 trading days.