S&P 500 Stays Near Record as Tech Stocks Tumble — SkimNews
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- S&P 500 futures pointed to a 1% decline before Friday’s final trading session of the month, while the index remained on course for a small October loss after September’s 0.5% drop and sat slightly below its record high.
- Intel plunged after the chipmaker’s financial results fell short of Wall Street expectations, during an AI selloff that sent some technology giants lower by double digits.
- Amazon fell 6% in premarket trading after its earnings missed analysts’ forecasts.
- Exxon Mobil rose nearly 2% in premarket trading as strength in energy, utilities and companies selling everyday goods bolstered the broader market’s recent resilience.
- Chris Galipeau said “Money is sloshing around,” noting that investors were redeploying money within the stock market rather than fleeing it.
Why it matters: Amazon and Intel bore the immediate hit: Amazon fell 6% in premarket trading after missing forecasts, while Intel plunged after a results miss. With Exxon Mobil up nearly 2%, investor confidence in nontech sectors helped keep the S&P 500 close to its record.
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