Update: Nasdaq Plummets 975 Points as Intel's Results Help Trigger Sell-Off in Mega-Cap Chipmakers

02:57 PM EDT, 10/30/2026 (MT Newswires) -- (Updates with index/price moves from the first paragraph.) US equity indexes sank as a sharp sell-off in heavyweight chipmakers and AI names led by Intel (INTC) pushed the Nasdaq Composite down 975 points. The Nasdaq slipped 3.8% to 25,195.5, followed by a 2.5% slide in the S&P 500 to 7,530.56 and a 1.4% decline in the Dow Jones Industrial Average to 51,587.2 ahead of Friday's close. Technology, industrials, and consumer discretionary 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. The iShares PHLX Semiconductor Exchange Traded Fund, with about $48.43 billion in assets under management, plummeted 10%, reflecting heavy selling in AI-related firms. Intel's Q3 revenue fell short of analyst estimates, and Q4 adjusted earnings and sales outlook lagged forecasts. Its shares plunged 31%, the steepest decline on the S&P 500 and the Nasdaq. 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 2.5%. The front-month West Texas Intermediate crude oil contract jumped 2.4% to $104.44 per barrel, and global benchmark Brent advanced 2.5% to $117.80 per barrel.