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Stock market today: Nasdaq, Dow, S&P 500 clobbered as October closes with brutal sell-off
Yahoo Finance • • general
Key Points:
- US stocks fell sharply on the last trading day of October, with the Nasdaq Composite dropping 2.8% due to disappointing earnings from tech giants Amazon, Alphabet, and Intel, raising concerns over heavy AI spending.
- The Nasdaq experienced its worst monthly performance since March 2025, losing 5.2%, while the Dow Jones gained 1.5% and the S&P 500 declined 1.2% for October.
- Binance suffered a historic $6.3 billion hack, the largest crypto heist to date, with stolen funds being moved using unprecedented laundering techniques, possibly involving automation or AI, according to blockchain analysts.
- Federal Reserve officials signaled the need for further interest rate hikes to combat persistent inflation, despite the Fed's recent decision to hold rates steady.
- Oil prices rose amid speculation that the US may renew military strikes against Iran, contributing to market volatility, while the yen strengthened following the Bank of Japan's decision to maintain current interest rates.
