NewsWPLG Local 10October 30, 2026Miami-Dade County
The sell-off for tech stocks deepens and drags Wall Street toward its worst day since June
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The S&P 500 dropped 1.9% and the Nasdaq composite tumbled 3.1% on Friday amid a deepening sell-off for technology stocks driven by investor concerns over artificial intelligence spending. Intel shares plunged 30% after issuing a lower profit forecast, while major tech firms like Amazon and Alphabet reported heavy cash burn tied to AI investments. Meanwhile, cryptocurrency prices dropped following a major exchange hack, and Treasury yields eased as investors sought safer assets.
Read the full story at WPLG Local 10Why It Matters
Market drops affect the value of workers' 401(k) retirement accounts and broader economic sentiment just days ahead of midterm elections.
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Who's Mentioned
OrganizationWall Street“Financial markets experiencing a deep sell-off in tech stocks.”OrganizationNvidia“Stock dropped 4.8%, acting as a heavy force pulling the S&P 500 downward.”PersonYuri Kageyama“AP Business Writer who contributed to the report.”OrganizationAlphabet“Parent company of Google and YouTube; stock dropped more than 12% following heav”PersonJoe Tigay“Portfolio manager at Equity Armor Investments who commented on the shift in the ”PersonPresident Donald Trump“Used the stock market's performance as a measure of his own personal success.”OrganizationIntel“Led tech stocks lower after tumbling 30% on a weak profit forecast.”OrganizationExxonMobil“Climbed 2% after reporting stronger profit for the summer.”OrganizationChevron“Added 1.7% after reporting stronger profit for the summer.”OrganizationBank of Japan“Decided to keep interest rates steady.”PersonLip-Bu Tan“CEO of Intel, who stated the personal-computer industry continues to feel pressu”OrganizationEquity Armor Investments“Employer of portfolio manager Joe Tigay.”OrganizationBinance“World's biggest crypto exchange impacted by a hack.”OrganizationColgate-Palmolive“Climbed 3.6% after higher prices helped deliver better revenue and profit.”OrganizationFederal Reserve“Made moves earlier in the week regarding interest rates.”OrganizationCoinbase Global“Fell 13.4% despite reporting stronger results for the latest quarter.”PersonMichelle Chapman“AP Business Writer who contributed to the report.”OrganizationStrategy“Owns about 4% of the total supply of bitcoin and reported CFO resignation.”OrganizationEuropean Central Bank“Made moves earlier in the week regarding interest rates.”OrganizationMondelez International“Rose 3.9% after reporting stronger-than-expected growth.”OrganizationAmazon“Sank 2.1% after reporting weaker summer profit and heavy cash burn on AI investm”