Stock Market Today: S&P 500, Dow and Nasdaq Slide as Tech Sells Off
The Nasdaq ended October down 5.3% as AI spending fears, rate-hike bets and election nerves hit tech. The Dow held up.
The short answer: Stock market today: US stocks ended October on a sharp down note. On Friday, October 30, 2026, the S&P 500 fell 1.82% to 7,580.07, the Nasdaq dropped 2.86% to 25,437.00 and the Dow lost 1.09% to 51,770.31. A tech sell-off after disappointing Big Tech results, month-end profit-taking and nerves before the November 3 midterm elections drove the decline.
Stock market today: what happened on Friday
Selling accelerated in the afternoon on October 30 as investors locked in gains before month-end. Technology stocks took the biggest hit, extending a week in which earnings from Alphabet and Amazon reignited concerns about the scale of spending on artificial intelligence infrastructure.
| Index | Close (Oct 30) | Day | October |
|---|---|---|---|
| S&P 500 | 7,580.07 | −1.82% | −0.9% |
| Nasdaq Composite | 25,437.00 | −2.86% | −5.3% |
| Dow Jones Industrial Average | 51,770.31 | −1.09% | +1.7% |
Why it matters: the gap between the Dow and the Nasdaq shows a rotation. Investors are moving money away from expensive technology shares toward industrial, financial and value stocks that dominate the Dow.
Three forces behind the sell-off
1. Big Tech spending worries
Alphabet's shares fell more than 10% after it reported a drop in free cash flow, and Amazon's results showed heavy capital spending, with a full-year plan of about $220 billion. Investors are asking when these huge AI investments will pay off. Our deep dive on US earnings season covers the numbers.
2. Higher interest rates
The Federal Reserve held its benchmark rate at 3.75%–4.00% on October 28, after raising it at its previous meeting. Futures markets now price a high chance of another hike in December, as inflation has jumped on higher gasoline prices. See our analysis of the Fed rate decision.
3. Midterm election uncertainty
US midterm elections on Tuesday, November 3, will decide control of Congress. Markets often turn cautious before elections, then react to the result and any implications for taxes, spending and regulation.
What to watch next week
- Election results on November 3 and the market reaction.
- Remaining earnings, including companies outside Big Tech.
- Jobs data and comments from Fed officials about December.
- October inflation report, due November 10.
Yes, but: despite October's losses, the S&P 500 is still up roughly 12% for the year to date. Short-term swings are normal; long-term investors usually do better by sticking to a plan than reacting to single days. Our explainer on what moves stock prices explains why.
The bottom line: The stock market today is wrestling with three worries at once: Big Tech spending, rising rates and election risk. The Nasdaq bore the brunt in October while the Dow held up, a reminder of why diversification across sectors matters.
Frequently asked questions
Why did the Nasdaq fall more than the Dow?
The Nasdaq is weighted heavily toward technology companies, which led the sell-off. The Dow has more industrial, financial and consumer companies.
When is the next big market event?
The US midterm elections on November 3, followed by the October inflation report on November 10.
Figures as of the close on October 30, 2026. This article is for education only and is not investment advice.
This article is for information only and is not investment, tax or legal advice. Prices and data may be delayed. Read our financial disclaimer.
Sources
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