U.S. stock markets closed sharply lower on Friday (October 30), with the Dow Jones falling 1.09%, the S&P 500 sliding 1.82%, and the Nasdaq Composite plunging 2.86%. The decline was led by the technology, industrial, and basic materials sectors, which faced significant selling pressure.
The technology sector served as the primary drag on Wall Street. Nvidia fell 4.22%, while Intel plummeted 28.58%, Qualcomm weakened 11.13%, and AMD corrected by 10.88%. These declines reflect growing investor caution toward technology and semiconductor stocks.
Intel was among the hardest-hit stocks, tumbling nearly 29%. Qualcomm and AMD also saw double-digit percentage drops. This trend weighed on sentiment toward the broader chip sector and intensified pressure on the Nasdaq.
Conversely, some stocks managed to post gains. Verizon rose 2.47%, Merck climbed 2.18%, and Walmart added 1.86%. Regeneron Pharmaceuticals surged 13.33%, while Global Payments rose 12.97%; both reached 52-week highs.
The breadth of the sell-off was evident in the number of declining stocks. On the NYSE, 1,865 stocks fell compared to 974 that rose, while on the Nasdaq, 2,611 stocks declined against only 838 that advanced. The VIX index climbed 13.02% to 19.44, reflecting increased market volatility.
In the commodities market, December gold futures stood at US$3,888.37 per troy ounce. Meanwhile, December crude oil stood at US$103.04 per barrel, while the January Brent contract traded at US$112.36 per barrel.
Newsmaker Analysis: The weakness on Wall Street indicates that investors are becoming increasingly cautious toward risky assets, particularly technology and semiconductor stocks. A surge in the VIX reinforces signals of growing market uncertainty. The performance of tech stocks, market volatility, and sentiment surrounding AI investments will be key areas of focus for investors as trading begins next week. (arl)
Source: Newsmaker.id