Update: US Equity Indexes Slide as Mega-Cap Chipmakers Sink Following Intel's Results

12:38 PM EDT, 10/30/2026 (MT Newswires) -- (Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.) US equity indexes fell amid a sell-off in chipmakers after Intel's (INTC) quarterly results. The Nasdaq Composite dropped 2.4% to 25,558.3, followed by a 1.5% slide in the S&P 500 to 7,605.7 and a 0.6% decline in the Dow Jones Industrial Average to 52,021.4 after midday Friday. Technology and industrials led decliners while consumer staples and energy topped gainers. Of the 20 worst-performing stocks with market capitalization exceeding $200 billion each, 19 were technology firms, according to data compiled by Finviz. Within the tech firms, most were semiconductor industry-related and led by Intel. Intel's Q3 revenue fell short of analyst estimates, and Q4 adjusted earnings and sales outlook lagged forecasts. Its shares plunged 27%, the steepest decline on the S&P 500 and the Nasdaq. The iShares PHLX Semiconductor Exchange Traded Fund, with about $48.43 billion in assets under management, dropped 7.7%, reflecting heavy selling in AI-related names. Amazon.com (AMZN) reported a decline in Q3 earnings and a negative free cash flow of $42.4 billion, driven by investments in artificial intelligence infrastructure. Raymond James adjusted Amazon's price target to $250 from $300. Shares pared back declines, but not before hurting risk sentiment, and were still down 1.8%. The front-month West Texas Intermediate crude oil contract jumped 1.9% to $103.94 per barrel, and global benchmark Brent advanced 2.2% to $117.44 per barrel.