{
  "id": 17243652,
  "title": "Tech stock selloff worsens and drowns out strength elsewhere on Wall Street",
  "url": "https://urgent.news/2026/10/30/tech-stock-selloff-worsens-and-drowns-out-strength-elsewhere-on-wall",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T15:20:56.000Z",
  "source": {
    "name": "Global News",
    "slug": "global-news",
    "url": "https://globalnews.ca/news/12127305/tech-stock-selloff-wall-street/"
  },
  "original_language": "en",
  "account": "A sell-off in tech stocks is causing the U.S. market to decline, with Amazon and Intel leading the way. The S&P 500 dropped 1.2 percent on Friday and appeared set to erase its October gain, despite reaching an all-time high during the month. The Nasdaq composite fell 2.2 percent, while the Dow Jones Industrial Average slipped 0.3 percent. Treasury yields plummeted as investors sought safer investments, though oil prices increased. Bitcoin lost approximately 3 percent, reaching $77,695 after a significant $6.36 billion hack at Binance, a cryptocurrency exchange. Alphabet's Class A shares plummeted over 12 percent on Thursday following weaker-than-expected summer growth results, marking their poorest day since trading began more than two decades ago. The tech giant faced pressure to meet analysts' expectations amid concerns over its AI investment spending. AI-related stocks have shown volatility, with chipmakers and others experiencing fluctuations due to supply concerns. Amazon's shares declined nearly seven percent in premarket trading after the company provided a cautious outlook on fourth-quarter sales, falling short of Wall Street expectations amidst a critical holiday shopping period. Intel's stock plummeted more than 25 percent before the market opened due to softer-than-anticipated fourth-quarter guidance on persistent weakness in the personal computer market. U.S. crude prices rose 2.1 percent to $104.13 a barrel, while Brent crude climbed 2.5 percent to $113.51 a barrel. Brent remains close to its high since the Iran war began. The British military reported a tanker caught fire after a small boat attached explosives to its hull while transiting the Strait of Hormuz, temporarily disabling the vessel. This incident occurred amid Iran's Revolutionary Guard's claim that three oil tankers had struck mines while attempting to leave the strait through an unauthorized route. Earlier this month, UKMTO reported that October has already become the busiest month for reported attacks on shipping in the Strait of Hormuz since the war's early months. European markets showed mixed results, with France's CAC 40 up 0.1 percent, Germany's DAX down 0.6 percent, and Britain's FTSE 100 adding 0.3 percent. Asian markets experienced mostly declines.",
  "summary": "A sell-off for tech stocks is forcing the U.S. market down again, with Amazon and Intel helping lead the way this time as gains for October were erased.",
  "key_points": [
    "Tech stocks decline, Amazon and Intel lead the way",
    "S&P 500 drops 1.2%, Nasdaq falls 2.2%",
    "Bitcoin loses 3%, reaches $77,695 after Binance hack"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}