Nasdaq futures drop 2% as Amazon and Intel slide after earnings
Nasdaq 100 futures fell about 2% early Friday after Amazon and Intel shares dropped on their quarterly results, adding to worries about the cost of the AI buildout, Reuters and CNBC reported. S&P 500 futures were down about 1% and Dow futures were roughly flat. These are premarket figures, not closing prices.
The moves: At 4:04 a.m. ET, Nasdaq 100 E-minis were down 2.16%, S&P 500 E-minis 1% and Dow E-minis 0.05%, Reuters reported. Amazon was down 7.2% in premarket trading and Intel 25%, it reported.
Amazon: Amazon’s third-quarter earnings and revenue fell short of Wall Street’s expectations, and it posted negative free cash flow of $42.4 billion, CNBC reported. The company kept its 2026 capital spending forecast at $220 billion, and Reuters reported it signaled another increase next year.
Intel: Intel issued a weak outlook for the current quarter and pointed to a slowdown in PCs, CNBC reported. Reuters reported the chipmaker warned it would burn cash this year. Nvidia, AMD and Broadcom also fell premarket, Reuters reported.
The backdrop: On Thursday, Alphabet fell 12% after missing on earnings and revenue, and the Nasdaq Composite closed down 1.4% while the S&P 500 fell 0.3%, CNBC reported. Brent crude rose to about $112 a barrel, Yahoo Finance reported.
What’s next: Friday is the last trading day of October. ExxonMobil, Chevron, AbbVie and AstraZeneca report results before the open, Yahoo Finance reported.
Sources
- Reuters via Investing.com — Nasdaq futures tumble as Amazon, Intel results deepen AI spending woes
- CNBC — Nasdaq-100 futures fall 2% as Amazon and Intel tumble after earnings: Live updates
- Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq futures fall as Amazon, Intel earnings rattle investors