Technology stocks suffered steep losses on Friday during a difficult month for October, with the S&P 500 down more than 2% and the Nasdaq down over 3.5%. Amazon, Alphabet and Microsoft were hurt by waning investor appetite for massive artificial intelligence spending, despite Amazon Web Services’ favorable outlook and Microsoft Azure’s accelerating revenue growth. Intel plunged more than 30% after disappointing forecasts, while Sandisk fell 15% following results that failed to impress. Diversification paid off, with all three healthcare holdings outperforming during the week, led by Eli Lilly reaching a new record high. More than 100 S&P 500 companies are scheduled to report earnings next week, including Apple, DuPont, Eaton, Advanced Micro Devices, Palantir and Pfizer, while the U.S. employment report will be closely watched.
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