{
  "id": 17291968,
  "title": "Wall Street drops to worst day since June after tech stocks sell-off deepens",
  "url": "https://urgent.news/2026/10/30/wall-street-drops-to-worst-day-since-june-after-tech-stocks-sell-off",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T20:55:27.000Z",
  "source": {
    "name": "ABC News AU",
    "slug": "abc-news-au",
    "url": "https://www.abc.net.au/news/2026-10-31/wall-street-drops-to-its-worst-day-since-june/107331332"
  },
  "original_language": "en",
  "account": "Wall Street experienced its largest decline since June due to a sharp sell-off in tech stocks. This followed concerns that the frenzy around artificial intelligence (AI) technology had driven prices too high. Intel's stock plummeted by 28.6%, marking its worst drop since 1974. The S&P 500 fell by 1.8%, its worst day since June, as it ended a third consecutive losing week. The Nasdaq composite dropped a market-leading 2.9%, while the Dow Jones Industrial Average decreased by 572 points, or 1.1%. The US stock market, currently 3.1% below its all-time high, has become increasingly volatile as midterm elections approach. Worries about AI have become a concern for voters across political parties, with President Donald Trump using stock market performance as a gauge of his success. Intel's stock led the drop, plunging 28.6% for its worst decline since 1974. Despite reporting stronger-than-expected profits for the quarter, CEO Lip-Bu Tan cited ongoing pressure in the personal-computer industry. Amazon declined by 1.4% after posting weaker summer profits than anticipated, revealing it had depleted $42.4 billion of cash over the past year, primarily in AI investments. Alphabet's stock dropped over 12%, its worst day ever, as it also reported hefty AI-related cash burn. Nvidia, the leading AI chip company, saw its stock fall 4.2%, the primary driver of the S&P 500's decline. Meanwhile, the cryptocurrency market suffered following a hack on Binance, a major crypto exchange. Bitcoin's price fell below $77,000 from over $86,000 earlier in the month, and a US-based firm linked the attack to North Korea. Coinbase Global dropped 10.6%, despite reporting stronger-than-expected Q3 profits and announcing its COO will resign for personal reasons. European indexes were mixed, with South Korea's Kospi down 3.5% due to AI concerns and Hong Kong's Hang Seng up 1.5%. Japan's Nikkei 225 declined 2.1% after the Bank of Japan left interest rates unchanged, similar to the Federal Reserve and European Central Bank's decisions.",
  "summary": "All three major US stock indexes slumped, with the tech-heavy Nasdaq suffering the steepest loss. Intel suffered its worst loss in 50 years.",
  "key_points": [],
  "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."
}