Market Analysis: Nasdaq Futures Sink 2% as Amazon and Intel Disappoint

Nasdaq Futures Movement Overview

On October 30, 2026, Nasdaq 100 futures experienced a significant decline of 2%, dropping to 28,975.0 points as of 08:47 UTC+8. This downturn extended the losses observed on the previous Thursday, primarily driven by disappointing earnings reports from major tech companies Amazon and Intel. In addition to the Nasdaq, S&P 500 futures also saw a decline, while Dow Jones futures remained relatively stable.

Key Driver Behind The Move

Amazon's shares plummeted by 6.7% in after-market trading following a report that revealed the company missed both revenue and profit estimates for the September quarter. The company's heavy investments in artificial intelligence (AI) contributed to a further deterioration in its free cash flow.

Intel's shares faced an even steeper decline, falling nearly 23% after hours. Although the company reported a strong profit for the third quarter, its forecast for the fourth quarter was disappointing, and its revenue for the third quarter also fell short of expectations. While Intel's server chips are benefiting from AI demand, the company is struggling with rising costs associated with AI and a slowdown in consumer spending in its PC business.

Market Data And Reaction

The Nasdaq Composite index fell by 1.4% on Thursday, largely due to a sharp decline in Alphabet's shares, which reported disappointing earnings and deteriorating margins attributed to AI-related expenditures. Among the major indexes, the Dow Jones Industrial Average experienced the least decline as investors shifted their focus towards defensive sectors such as healthcare and utilities.

In Asian trading on Friday, shares of chipmakers dropped, Treasury yields fell sharply, and investors adjusted their expectations regarding potential US rate hikes.

Broader Market Implications

The disappointing earnings results have intensified concerns that spending on AI may be outpacing the returns it generates. Analyst Chris Weston from Pepperstone noted that the market is increasingly questioning whether shareholders will receive adequate returns on the capital being invested, rather than focusing solely on the financing of AI developments.

Additionally, earlier results from Samsung Electronics also failed to meet expectations. Stronger-than-anticipated US third-quarter GDP and PCE inflation data have reinforced speculation regarding a potential Federal Reserve rate hike in December. Comments from Fed official Warsh earlier in the week were interpreted as a signal that further tightening may be on the horizon.

What Equity Traders Should Watch

• Monitor how Nasdaq stocks perform at the US market open on October 30, 2026, following the after-hours losses from Amazon and Intel.
• Observe whether ongoing concerns about AI spending continue to impact large technology stocks in light of the results from Alphabet, Amazon, and Intel.
• Keep an eye on movements in Treasury yields and expectations regarding Fed rate hikes as the December meeting approaches.