The S&P 500 Index ($SPX) (SPY) is down -1.26%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.46%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -2.52%. December E-mini S&P futures (ESZ26) are down -1.33%, and December E-mini Nasdaq futures (NQZ26) are down -2.63%.
US stocks are trading sharply lower after Intel and Amazon fell on disappointing earnings reports released Thursday afternoon. Chip stocks are seeing heavy losses. Market sentiment was also hurt by news of a $6.3 billion heist at the Binance exchange. US stocks are also being undercut by higher oil prices.
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The Dow Jones Industrial Average is trading just mildly lower, as about half of the 30 stocks are higher, led by a gain of more than +2% in Amgen (AMGN). Large-cap consumer, pharma, and oil stocks are seeing some defensive buying as investors rotate out of tech stocks.
Crypto-exchange Binance has frozen all withdrawals until possibly Sunday after a $6.3 billion heist on Thursday. Binance said it would reimburse customers for losses. The exchange holds some $135 billion of assets. North Korean hackers were blamed for the incident. Bitcoin today is down more than -1%, adding to Thursday’s loss of -3.0%.
Dec WTI crude oil prices are up about +2% as the market faces the possibility of a US military strike on Iran as soon as next week, after Tuesday’s (Nov 3) US mid-term elections. The Wall Street Journal reported Thursday that a top US commander has briefed President Trump on his military options. Meanwhile, European diesel futures rose on a report that Ukraine hit a refinery in Russia’s Samara region. Reports also cited two attacks on vessels in the Strait of Hormuz.
Stocks are supported by the prospect of solid quarterly earnings. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +31% from a year earlier, up from a July estimate of 22%. As of Thursday, 286 of the S&P 500 companies have reported results, with 82% beating estimates.
Overseas stock markets are lower. The Euro Stoxx 50 is down -0.97%. China’s Shanghai Composite closed down -1.44%. Japan's Nikkei-225 Stock Average closed down -2.12%.
Interest Rates
December 10-year T-notes (ZNZ6) are up +9 ticks. The 10-year T-note yield is up +0.6 bp at 4.943%, retracing a small part of Thursday’s -8.1 bp decline. T-note prices are higher on safe-haven demand with today’s sell-off in the stock market and crypto. T-note prices are being undercut by today’s rally in crude oil prices, with the 10-year breakeven inflation expectations rate up +0.7 bp to 2.355%.
The FOMC at its 2-day meeting that ended Wednesday left its federal funds rate target unchanged at 3.75-4.00%, as the market expected. The markets are now pricing in a 76% chance of a +25 bp rate hike at the FOMC’s next meeting on December 8-9.
European government bond yields are steady to lower. The 10-year German bund yield is down -2.9 bp to 3.326%. The 10-year UK gilt yield is unchanged at 5.294%.
The ECB at its meeting Thursday left its deposit rate unchanged at 2.50%, as the market expected. Separately, ECB President Christine Lagarde announced she will step down on February 7, 2027, paving the way for a successor to be named by year-end. The markets are now pricing in an 83% chance of a +25 bp rate hike at the ECB’s next policy meeting on December 17.
US Stock Movers
The Magnificent Seven are all trading lower except for a small gain in Meta (META). Amazon (AMZN) is down only about -1% after overnight losses of more than -5%. Nvidia (NVDA) is down by more than -3%.
Amazon.com (AMZN) is trading lower after its quarterly report Thursday afternoon showed larger-than-expected capital spending on an AI buildout and slower growth in its core e-commerce business. The market was disappointed with Q4 operating income guidance of $28.5-33.5 billion, with a midpoint below the consensus of $32.99 billion. The market was also concerned that Amazon spent more than $77 billion on capex in Q3 to build data centers and pursue AI services.
Chip stocks are getting slammed, with the iShares Semiconductor ETF (SOXX) down more than -7%. Intel (INTC) is the main driver of the chip sell-off, with a decline of more than -25%. ARM (ARM) and Qualcomm (QCOM) are down more than -10%. AMD (AMD) and GlobalFoundries (GFS) are down more than -9%.
Intel (INTC) is down by more than -25% after releasing a disappointing earnings report Thursday afternoon after the stock market closed. Even after today’s plunge, however, Intel’s stock is still roughly three times higher than it was early this year. Intel missed revenue expectations due to a severe slump in the PC market and supply-chain delays with data center components. Intel guided for $15-16 billion of Q4 sales, below the market consensus of $17 billion, and Q4 earnings of 25 cents per share, below the consensus of 43 cents.
Bitcoin (^BTCUSD) is down about -1% after the Binance heist. Crypto stocks are sharply lower on another black eye for crypto security. Coinbase (COIN) is down more than -12%. Bullish (BLSH), Riot Platforms (RIOT), and Circle Internet (CRCL) are down more than -8%.
Oil companies are seeing strength after positive earnings news from ExxonMobil, Chevron and BP, all beneficiaries of higher oil and fuel prices tied to the US war in the Persian Gulf and the Ukraine-Russia conflict. Diamondback Energy (FANG) and Baker Hughes (BKR) are up more than +2%. ConocoPhillips (COP), Phillips 66 (PSX), Chevron (CVX), and others are up more than +1%.
Reddit (RDDT) is down more than -25% after reporting that daily active users in Q3 were
weaker than expected and below-consensus Q4 revenue guidance.
Regeneron shares (REGN) is up more than +11% after a Q3 revenue and earnings beat.
Earnings Reports (10/30/2026)
Colgate-Palmolive Co (CL), Chevron Corp (CVX), AbbVie Inc (ABBV), Federal Realty Investment Trus (FRT), Regeneron Pharmaceuticals Inc (REGN), Cboe Global Markets Inc (CBOE), Kenvue Inc (KVUE), OneMain Holdings Inc (OMF), Church & Dwight Co Inc (CHD), General Dynamics Corp (GD), Dominion Energy Inc (D), LyondellBasell Industries NV (LYB), Exelon Corp (EXC), RBC Bearings Inc (RBC), nVent Electric PLC (NVT), AutoNation Inc (AN), Gates Industrial Corp Ltd (GTES), Lear Corp (LEA), ExxonMobil Holdings Corp (XOM), CCC Intelligent Solutions Hold (CCC), Madison Square Garden Sports C (MSGS), TFS Financial Corp (TFSL), Almonty Industries Inc (ALM).
On the date of publication, Rich Asplund did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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