Stock market today: Nasdaq, Dow, S&P 500 clobbered as October closes with brutal sell-off
US stock markets experienced a significant sell-off at the end of October, driven by disappointing earnings from major tech companies like Amazon and Alphabet. Concerns regarding the high costs of AI investments and a major cryptocurrency hack contributed to the market's overall decline.
Why it matters
The market volatility reflects growing investor skepticism regarding the immediate profitability of massive capital expenditures in artificial intelligence.
US stocks plunged in the final trading day of the month as earnings from Amazon (AMZN) and Alphabet (GOOG, GOOGL) this week rekindled concerns about the amount of money Big Tech is spending on its AI ambitions.The Nasdaq Composite (^IXIC) tumbled 2.8% as a tech-fueled sell-off intensified. The Dow Jones Industrial Average (^DJI) fell 1.2%, or over 650 points, while the S&P 500 (^GSPC) dropped 2%. For the month, the Dow gained 1.5%, while the Nasdaq and S&P 500 gave up gains, falling 5.2% and 1.2%, respectively. October marked the worst month for the Nasdaq since March 2025.Stocks fell for the second day in a row after Amazon and Alphabet posted rare earnings misses, renewing concerns about the sustainability of the AI boom.
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