Update: Equities Tumble Intraday Amid Tech Sell-Off Following Amazon, Intel Earnings

02:00 PM EDT, 10/30/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes slid intraday as worries surrounding Amazon.com's (AMZN) massive artificial intelligence investments and Intel's (INTC) downbeat outlook drove a sell-off in the technology sector. The tech-heavy Nasdaq Composite plunged 3.2% at 25,345.7 after midday Friday, while the S&P 500 shed 1.9% to 7,570.9. The Dow Jones Industrial Average fell 1% to 51,827.3. Among sectors, tech led the rout with a decline of 4.8% intraday, while consumer staples paced the gainers. Shares of Amazon were down 1.9% intraday, among the worst performers on the Dow. The e-commerce giant's third-quarter results released late Thursday trailed market expectations as a massive ramp in AI spending sent free cash flow deep into negative territory. The company maintained its 2026 capital expenditure outlook at about $220 billion. Earlier in the week, Alphabet (GOOG, GOOGL) said its free cash flow turned negative year-on-year in the September quarter, while Microsoft (MSFT) reported free cash flow of $18.6 billion in its fiscal first quarter. Amazon's cloud computing business is poised for strong performance ahead despite "disappointing" growth in the third quarter, Morgan Stanley said in a note. Intel (INTC) tanked 30% intraday, the steepest decline on the S&P 500. The company expects the personal computer market to weaken amid rising memory prices and supply constraints, while a shutdown at its chipmaking facility in Israel is projected to reduce fourth-quarter revenue by about $300 million. "PC weakness is not entirely surprising given the ongoing memory tightness," RBC Capital Markets said in a Friday client note. "However, customer inventory drawdowns appear to have accelerated in recent weeks and management expects headwinds to persist into (the first half)." Tech bellwether Nvidia (NVDA) slumped 4.9% intraday, the biggest drop on the Dow. Reddit (RDDT) sank 30%, the second-worst performer on the S&P 500, while SanDisk (SNDK) lost 14%, also among the notable laggards on the index -- following their latest financial results. Chevron (CVX) rose 1.7% intraday, among the best performers on the Dow, while ExxonMobil (XOM) advanced 2.1%. The oil giants' third-quarter adjusted earnings came in above Wall Street's estimates, driven by strong refining margins. West Texas Intermediate crude oil rose 2.8% to $104.83 a barrel intraday, while Brent advanced 2.6% to $117.85 a barrel. A tanker in the Strait of Hormuz was hit Friday by explosive devices attached by a small boat, Reuters reported, citing the United Kingdom Maritime Trade Operations. It was not immediately clear who was behind the attack, according to the report. Yemen's Iran-aligned Houthi militants said Thursday they attacked several sites in Saudi Arabia, including its largest oil refinery, CNBC reported. Treasury yields were lower intraday, with the two-year rate retreating 6.6 basis points to 4.59% and the 10-year rate off 5.2 basis points to 4.94%. Spot gold lost 3.2% to $3,891.06 per troy ounce, while silver slid 6.1% to $49.21 per ounce.