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Big Tech AI Spending Fuels Market Plunge
30 Oct
Summary
- US stock futures dropped significantly at month's end.
- Amazon and Alphabet reported unexpected earnings misses.
- Oil prices rose, adding pressure to already declining markets.
US stock futures experienced a notable downturn on the last trading day of October 2026, signaling continued investor unease. Contracts for the Nasdaq-100 plunged significantly, while futures for the Dow Jones Industrial Average and the S&P 500 also showed losses. This decline followed rare earnings misses from tech giants Amazon and Alphabet, which saw their shares fall sharply in pre-market trading.
These results have heightened concerns regarding the extensive financial commitments of major technology companies towards their artificial intelligence initiatives. Adding to market pressures, oil prices have seen a rebound. Brent crude futures climbed to $112 per barrel, and WTI crude reached $103 per barrel, further influencing the trading landscape as traders awaited results from companies like ExxonMobil, Chevron, AbbVie, and AstraZeneca.
