[New York Stocks] Tech stocks dumped on ‘Bloody Friday’; SOXL plunges 25%

[Financial News]  

New York stocks plunged on the 30th (local time), the last trading day of October.
After Alphabet, Amazon and Intel reported results below expectations, investors began dumping AI-related stocks.
The tech-heavy NASDAQ Composite plunged 2.9%, while the S&P 500 tumbled 1.8%. The Dow Jones Industrial Average (DJIA), made up of 30 blue-chip stocks, also fell 1.1%.
The NASDAQ Composite pared some of its losses late in the session, narrowing its decline from nearly 4% around midday to less than 3%.
Semiconductor stocks struggled in particular, with Intel plunging 29%. SOXL, a leveraged ETF that tracks three times the daily moves of 30 semiconductor stocks, plunged 25%.

All three major indexes fell sharply as tech stocks, particularly AI-related names, came under selling pressure.
The NASDAQ Composite plunged 747.73 points (2.86%) from its previous close to 25,437.00, while the tech-heavy S&P 500 tumbled 140.32 points (1.82%) to 7,580.07. The NASDAQ Composite’s decline was its largest since June.
The Dow, with relatively little exposure to tech stocks, was also hit. It closed down 572.25 points (1.09%) at 51,770.31.
All three major indexes also fell for the week.
The Dow posted a weekly loss of 0.85%, while the S&P 500 and Nasdaq fell 0.57% and 2.00%, respectively.
Monthly performance was mixed.
The Dow rose 1.70% in October, while the S&P 500 and Nasdaq fell 0.93% and 5.30%, respectively.
The Nasdaq 100, comprising 100 large-cap tech stocks, plunged 1,017.66 points (3.46%) to 28,384.85. TQQQ, a leveraged ETF that tracks three times the index’s daily moves, slid to $62.01, down $7.25 (10.47%).

Semiconductor stocks, a key source of hardware for AI, took a beating.
NVIDIA, the sector’s heavyweight, fell $9.02 (4.22%) to $204.64, while Micron plunged $49.53 (5.30%) to close at $884.74.
Intel plunged $26.31 (28.58%) to $65.76, while SK hynix’s American depositary receipts (ADRs) fell $12.88 (7.95%) to $149.21.
Semiconductor stocks fell sharply, with AMD plunging 10.9% and SanDisk dropping 13.5%.
SOXL, a leveraged semiconductor ETF, plunged $25.34 (24.75%) to $77.05.

Big Tech, a key force in AI, also struggled.
Alongside the AI sell-off, Blackstone’s bearish view that Anthropic would be unable to escape a ‘junk bond’ credit rating even after its IPO next month weighed on related stocks.
Alphabet, whose earnings shock on the 28th triggered the current tech-stock sell-off, fell $3.98 (1.40%) to $279.84. Apple, which has kept somewhat to the sidelines of AI investment, also slipped $4.28 (1.23%) to $344.63.
Microsoft (MS), which reported better-than-expected earnings, also fell $8.23 (1.55%) to $521.91, while Amazon closed down $3.44 (1.41%) at $240.35.
Palantir Technologies, an AI platform company, plunged $12.31 (6.27%) to $184.11.
Elon Musk’s Tesla and SpaceX also fell.
Tesla’s decline was modest, down $3.49 (0.87%) to $399.81, while SpaceX plunged $9.17 (6.37%) to $134.72. After trading back and forth around the $135 IPO price, its share price broke below that level and losses widened sharply.
[email protected] Song Kyung-jae Reporter