Stock market rocked as investors dump tech shares; Nasdaq suffers worst day since June: Live updates

Futures tied to the Nasdaq-100 dropped Thursday evening after Amazon and Intel shares slid following the companies' latest quarterly results.

Nasdaq-100 futures lost 1.3%, while futures tied to the S&P 500 slid 0.6%. Dow futures bucked the trend and added just 17 points.

Amazon shares lost 5% in extended trading after the company reported earnings and revenue for the third quarter that fell short of Wall Street's expectations. The company also posted negative free cash flow of $42.4 billion and maintained its 2026 capital expenditures forecast for $220 billion.

Intel slid 20% after issuing a weak outlook for the current quarter, pointing to a slowdown in PCs. Revenue in the company's client computing and physical artificial intelligence group declined 5% from the year-ago quarter to $8.1 billion.

The decline for the two hyperscalers comes as investors scrutinize the AI trade.

In regular trading Thursday, Alphabet shares lost 12% after the company missed on earnings and revenue in the third quarter and posted negative free cash flow of $9.07 billion. The Google-parent's slide dragged the Nasdaq Composite to a 1.4% loss in the regular session, while the S&P 500 fell 0.3%.

Friday marks the final trading day in October. The month has been rocky for the AI trade, with investors paying close attention to companies' spending around the build0out. Hyperscalers Alphabet and Microsoft haven't lifted their capital expenditures forecasts.

At the same time, neoclouds — the cloud-computing companies that are behind the infrastructure needed for AI datacenters — are facing investor scrutiny over their debt levels. CoreWeave, which has seen a surge in its bond yields, is the poster child of that worry; shares have cratered 30% in October. Nebius is heading for a 27% decline on the month.

The Roundhill Memory ETF (DRAM), which includes AI memory plays Micron and Seagate Technology, is off 14% in October, while the iShares A.I. Innovation and Tech Active ETF (BAI) is down 10%.

Nasdaq-100 futures fell shortly after 6 p.m. in New York.

Nasdaq-100 futures lost 1.5%, while futures tied to the S&P 500 slid 0.6%. Dow futures added just 17 points.