Futures tied to the Nasdaq-100 dropped Thursday evening after Amazon and Intel shares slid following the companies' latest quarterly results.
Nasdaq-100 futures lost 1.5%, while futures tied to the S&P 500 slid 0.7%. Dow futures fell 60 points, or 0.1%.
Amazon shares lost 6% in extended trading after the company reported earnings and revenue for the third quarter that fell short of Wall Street's expectations . The company also posted negative free cash flow of $42.4 billion and maintained its 2026 capital expenditures forecast for $220 billion.
Intel slid 21% after issuing a weak outlook for the current quarter, pointing to a slowdown in PCs. Revenue in the company's client computing and physical artificial intelligence group declined 5% from the year-ago quarter to $8.1 billion.
The decline for the two hyperscalers comes as investors scrutinize the AI trade.
In regular trading Thursday, Alphabet shares lost 12% after the company missed on earnings and revenue in the third quarter and posted negative free cash flow of $9.07 billion. The Google-parent's slide dragged the Nasdaq Composite to a 1.4% loss in the regular session, while the S&P 500 fell 0.3%.
Friday marks the final trading day in October. The month has been rocky for the AI trade, with investors paying close attention to companies' spending around the build-out. Hyperscalers Alphabet and Microsoft haven't lifted their capital expenditures forecasts .
At the same time, neoclouds — the cloud-computing companies that are behind the infrastructure needed for AI datacenters — are facing investor scrutiny over their debt levels . CoreWeave , which has seen a surge in its bond yields, is the poster child of that worry; shares have cratered 30% in October. Nebius is heading for a 27% decline on the month.
The Roundhill Memory ETF (DRAM) , which includes AI memory plays Micron and Seagate Technology, is off 14% in October, while the iShares A.I. Innovation and Tech Active ETF (BAI ) is down 10%.
As traders prepare to wrap up the month, the Nasdaq Composite is heading for a 2.5% fall. The S&P 500 is on track for a 0.9% advance, while the Dow is on pace to rise 2.8%.
Several stocks made headlines in extended trading on Thursday evening as Amazon and Intel rolled out their latest results.
Amazon — Shares slid more than 6% after third-quarter results missed on the top and bottom lines. Amazon earned $1.89 per share on revenue of $201.94 billion, while analysts polled by LSEG sought $1.96 per share on $202.31 billion. The company reaffirmed its full-year guidance for capital expenditures at $220 billion.
Intel — The chipmaker tanked about 21% after guidance for the current quarter came in weaker than expected. Intel sees adjusted earnings of 25 cents per share on revenue of $15 billion to $16 billion. Analysts were looking for EPS of 43 cents and $17.1 billion in revenue, per LSEG.
Sandisk — The data storage device manufacturer fell 3% even after reporting an earnings and revenue beat in its fiscal first-quarter financial report. It delivered adjusted earnings of $49.51 per share compared to analysts' estimates for $46.22, per LSEG. Sandisk also announced an eight-for-one forward stock split.
Read more about Thursday's after-hours movers here .
Alphabet, the parent of Google and YouTube that plunged nearly 13% Thursday, formed a "death cross" when the stock's 50-day moving average (roughly $340.26) crossed below its 200-day moving average (about $340.93).
Alphabet last marked a " death cross " in July 2025.
Nasdaq-100 futures fell shortly after 6 p.m. in New York.
Nasdaq-100 futures lost 1.5%, while futures tied to the S&P 500 slid 0.6%. Dow futures added just 17 points.
