Spooky Week Ends with Oil Giants' Earnings 30/10/2026
Market Wrap
U.S. stocks declined Thursday as disappointing corporate earnings and renewed concerns over artificial intelligence spending weighed on technology shares, ending the S&P 500's three-day winning streak.
The Nasdaq Composite fell 1.38% to 26,184.72, while the S&P 500 slipped 0.3% to 7,720.39. The Dow Jones Industrial Average dropped 132.54 points, or 0.25%, to close at 52,342.56.
Alphabet (GOOGL) plunged 12% after missing third-quarter earnings and revenue expectations. The Google parent reported negative free cash flow of $9.07 billion while maintaining its annual capital expenditure forecast of $195 billion–$205 billion, intensifying concerns over the cost of AI expansion.
Caterpillar (CAT) tumbled more than 9%, its worst session since March 2020, despite beating overall earnings estimates. Microsoft (MSFT) also reversed earlier gains to close marginally lower, even as strong Azure cloud growth helped the company exceed quarterly expectations.
AI infrastructure providers remained under pressure as investors questioned financing risks and the pace of data-center expansion. CoreWeave (CRWV) and Nebius (NBIS) both fell more than 5%, extending their October declines to approximately 30% and 27%, respectively.
The broader AI trade has struggled throughout October. The Roundhill Memory ETF (DRAM) has lost roughly 14%, while the iShares AI Innovation and Tech Active ETF (BAI) is down 10%, reflecting growing concerns over infrastructure spending and profitability.
Nasdaq-100 futures weakened early Friday after disappointing reactions to Amazon (AMZN) and Intel (INTC) earnings, adding pressure ahead of the month's final trading session.
The Nasdaq is heading toward a 2.5% monthly decline, while the S&P 500 remains on track for a 0.9% gain and the Dow for a 2.8% advance. Investors will be watching whether technology stocks can stabilize as October draws to a close.
Bitcoin Slides as Record $6.3 Billion Binance Hack Shakes Crypto Markets
Cryptocurrency markets tumbled Friday after Binance disclosed a $6.3 billion security breach, potentially the largest hack in digital asset history, triggering renewed concerns over the industry's security vulnerabilities.
Bitcoin (BTC) dropped 2.8% to $78,489.73, while Ether (ETH) declined 3.8% to $2,242.90. Binance's native BNB token fell 3.5% to $717.40, extending the broader selloff across major cryptocurrencies.
Binance said approximately $3 billion in stolen digital assets had already been frozen and pledged to cover all customer losses. An initial investigation pointed to a compromised employee laptop that allowed attackers to access internal systems and execute unauthorized withdrawals.
The company reassured customers that deposits remained unaffected, while withdrawal services were undergoing additional security checks. Binance expects to begin restoring withdrawals within 48 hours.
Despite the widespread decline, Hyperliquid's HYPE token surged 17% to $93.16, outperforming the broader cryptocurrency market.
The incident highlights persistent security risks across the digital asset industry. Previous major breaches included Bybit's $1.5 billion hack in 2025 and a more recent theft exceeding $350 million at Bitget.
With investor confidence shaken, traders will be monitoring Binance's recovery efforts, the potential for further asset liquidations and whether Bitcoin can stabilize following the latest selloff.
Stocks on the Move
- Amazon (AMZN): Shares plunged more than 6% after third-quarter earnings and revenue missed expectations. The company reported earnings of $1.89 per share on revenue of $201.94 billion, below estimates of $1.96 and $202.31 billion. Amazon maintained its full-year capital expenditure forecast of $220 billion.
- Intel (INTC): Shares tumbled approximately 21% after the chipmaker issued disappointing fourth-quarter guidance. Intel projected adjusted earnings of $0.25 per share on revenue of $15 billion–$16 billion, well below Wall Street's expectations of $0.43 and $17.1 billion.
- Sandisk (SNDK): Shares declined 3% despite stronger-than-expected fiscal first-quarter results. Adjusted earnings reached $49.51 per share, exceeding the $46.22 consensus. The company also announced an eight-for-one forward stock split.
- Starbucks (SBUX): Shares slipped 2% following mixed quarterly results. Revenue of $9.14 billion missed expectations of $9.23 billion, although adjusted earnings exceeded forecasts. Stronger U.S. same-store sales were offset by disappointing international growth.
- Pinterest (PINS): Shares dropped 8% after third-quarter earnings of $0.46 per share on revenue of $1.17 billion missed estimates of $0.48 and $1.21 billion. Fourth-quarter revenue guidance of $1.425 billion–$1.475 billion also fell short of expectations.
- Rivian Automotive (RIVN): Shares gained 5% after the electric-vehicle maker exceeded third-quarter expectations, supported by increased production of its R2 SUV. Deliveries reached 19,248 vehicles, while the company improved its full-year outlook.
- Reddit (RDDT): Shares plunged 18% after disappointing fourth-quarter revenue guidance overshadowed stronger-than-expected quarterly results. The company projected sales of $1 billion–$1.03 billion, below the $1.05 billion consensus.
- Roblox (RBLX): Shares sank 17% after the gaming platform issued weaker-than-expected fourth-quarter guidance. Projected bookings of $1.89 billion–$2 billion disappointed investors, alongside an adjusted EBITDA loss forecast of $10 million–$70 million.
- Fortinet (FTNT): Shares plunged 25% after third-quarter non-GAAP gross margin of 79.6% missed expectations of 80.1%, overshadowing stronger-than-expected revenue and earnings.
Watchlist: AMZN, INTC, GOOGL, MSFT, CAT, CRWV, NBIS, SNDK, SBUX, PINS, RIVN, RDDT, RBLX, NVDA, AMD, MU, BTC, COIN
Key Economic Events Today
Economic Data (EDT)
- 08:30 AM — USD Employment Cost Index (QoQ)
- 09:45 AM — USD Chicago PMI
- 12:00 PM — FOMC Member Daly Speaks
- 12:30 PM — FOMC Member Musalem Speaks
Earnings
Before Market Open: ExxonMobil (XOM), AbbVie (ABBV), Chevron (CVX), AstraZeneca (AZN), BP (BP), Sanofi (SNY)
