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MARKET BRIEFING · US

Yields actually fell, yet tech alone collapsed. One stock, Intel, shook the board.

October 30, 2026 · Read the Korean original

Major indices

  • Dow 51,770.31 -1.09%
  • S&P 500 7,580.07 -1.82%
  • Nasdaq 25,437.00 -2.86%

What moved the US market overnight was data and rates. September personal consumption expenditures (PCE) inflation, released a day earlier, came in at 3.6% year over year with the core measure at 3.1%, and commentators read energy costs as pushing prices up again. Coming right after the Federal Reserve held its benchmark rate at 3.75-4.00%, more investors began betting on a December hike. FXStreet reported those odds jumped to 82% from 65% in the prior session. Treasury yields, however, went the other way, with the 10-year easing about 8 basis points to stay in the 4.9% range. The pull of money leaving equities for bonds outweighed the hawkish shift in expectations. Gold slipped below $4,000 an ounce to its lowest in a year, while crude oil rose on worries about Middle East supply disruptions.

Judged by the indexes alone it looks like an evenly weak day, but the damage was concentrated in one corner of tech. The Nasdaq fell 2.86% to 25,437.00, its biggest one-day drop since June, while the Dow gave up just 1.09% to 51,770.31. The S&P 500 closed 1.82% lower at 7,580.07. A gap of nearly three times between the indexes signals that this was not about the economy or rates in general, but a repricing of the names riding on AI spending.

The epicenter was Intel (INTC, CPUs & foundry). It guided fourth-quarter revenue to $15-16 billion, far short of the $17.1 billion Wall Street expected, said PC market weakness would last at least through the first half of 2027, and named soaring memory prices as a cost burden. The stock closed down 28.58% at $65.76, its worst day since 1974. The shock spread to AMD (AMD, CPUs & GPUs), Marvell Technology (MRVL, data-center chips) and NVIDIA (NVDA, AI accelerators), and even Sandisk (SNDK, NAND flash memory), which beat on both results and guidance, sold off, dragging Western Digital (WDC, hard-drive storage), Seagate (STX, hard-drive storage) and Micron (MU, DRAM & HBM memory) down with it. Amazon (AMZN, e-commerce & cloud) then missed on third-quarter results, adding fuel to the debate over returns on AI spending, while Reddit (RDDT, social community) and Twilio (TWLO, cloud communications) slid by double digits on guidance. Away from the market, a $6.3 billion hack at Binance knocked Coinbase (COIN, crypto exchange), Strategy (MSTR, bitcoin treasury company) and Robinhood (HOOD, online brokerage & crypto) lower together.

Korea's session today starts with semiconductors. It is worth noting that US chip stocks broke down not because memory demand is cooling but because surging memory prices have become a cost burden. Intel itself called memory prices a challenge lasting into 2027, so the shortage has not been resolved. That said, with US memory and storage names falling in unison despite strong results, Korean memory shares may face risk-aversion pressure for now. For power infrastructure the drag is more direct. After Microsoft trimmed its capital spending outlook for the year to $170 billion from $175 billion, doubts about returns on AI investment grew, and names leaning on data-center power demand may absorb those doubts first. On the crypto side, bitcoin slid toward $76,000, which could weaken sentiment for related financial stocks.

What is confirmed is Intel's guidance, Amazon's results, the Binance hack and the closing levels of the three indexes. Whether this marks a turn in the AI investment cycle or a correction in a stretch that had run too far is still a matter of press interpretation.

Korean industries to watch today

  • Semiconductors · The Intel shock broke US chip stocks, but the memory shortage itself is not resolved.
  • Power infrastructure · After big tech trimmed capex outlooks, doubts over AI investment returns may weigh.
  • Financial services · Bitcoin's slide after the Binance hack may weaken sentiment for crypto-linked financials.

Watchlist stocks in the news

  • Intel (INTC) Close -28.58% · Guided fourth-quarter revenue far below expectations and warned of prolonged PC weakness, suffering its worst day since 1974. (Yahoo Finance)
  • Amazon (AMZN) · Missed on both third-quarter revenue and earnings, reigniting the debate over returns on AI spending. (CNBC)
  • NVIDIA (NVDA) · Fell with the Intel-driven chip selloff and AI spending worries, without news of its own. (The Motley Fool)
  • AMD (AMD) · Slid further as Intel's memory-cost warning was read as a supply burden for chipmakers. (Yahoo Finance)
  • Marvell Technology (MRVL) · Grouped with names leaning on data-center demand, it took the full force of the chip selloff. (Yahoo Finance)
  • Sandisk (SNDK) · Fell on profit-taking across memory names despite beating on results and guidance and announcing an eight-for-one split. (24/7 Wall St.)
  • Western Digital (WDC) · Dropped as storage names were sold alongside Sandisk. (24/7 Wall St.)
  • Seagate (STX) · Was caught in the broad selling across storage stocks. (24/7 Wall St.)
  • Micron (MU) · Slipped as doubts grew over how long AI spending can last, even with the memory shortage intact. (24/7 Wall St.)
  • Coinbase (COIN) · Fell hard after a $6.3 billion hack at Binance came to light and third-quarter revenue shrank from a year earlier. (CNBC)
  • Robinhood (HOOD) · Fell as crypto sentiment cooled, though its small crypto revenue share limited the decline. (CNBC)
  • Strategy (MSTR) · Declined on concerns over its holdings as bitcoin slid toward $76,000 after the hack news. (Proactive Investors)
  • RDDT (RDDT) · Tumbled after weak fourth-quarter revenue guidance and a downgrade on user-growth concerns. (CNBC)
  • TWLO (TWLO) · Slid sharply as guidance pointed to slowing organic revenue growth. (CNBC)
  • LITE (LITE) · Dropped by double digits as air came out of AI infrastructure names. (CNBC)
  • RIVN (RIVN) · Rose, a rarity in the tech rout, after third-quarter results beat expectations. (CNBC)

Sources (Korean-language)

This market briefing was compiled by AI from this site's own price and filing data together with public news reports, and translated from the Korean original. Please check the sources below before relying on it.

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