US Stock Futures Fall As AMZN, INTC Earnings Trigger Tech Sell-Off: NVDA, RDDT, RIVN, SFM In Focus

Investors weigh mounting concerns over Big Tech spending, rising crude prices, and a mixed batch of corporate earnings on the final trading day of October.

• Nasdaq-100 futures fell more than 2% as Amazon and Intel tumbled after their quarterly results, extending Thursday's losses.
• Oil prices climbed, with Brent crude topping $117 a barrel and WTI crossing $103.
• Rivian shares surged after raising its full-year delivery outlook, while Sprouts edged higher despite disappointing results and a weak forecast.

Nasdaq-100 futures fell sharply in early premarket trading on Friday as Amazon and Intel shares slid after the companies’ latest quarterly results. 

As of 6 a.m. ET, Nasdaq-100 futures were down 2.29%, while S&P 500 futures declined 1%. Dow Jones Industrial Average futures were marginally down 0.05%. Friday marks the final trading session of October.

U.S. stock indices closed lower on Thursday and extended their losses in after-hours trading as Amazon’s elevated capital expenditure forecast fuelled concerns that spending on artificial intelligence infrastructure may be outpacing returns. The S&P 500 slipped 0.3%, while the Nasdaq-100 fell 1.4%. The Dow Jones Industrial Average also edged down 0.3%. In contrast, the Russell 2000, which tracks small-cap stocks, gained 1%.

Oil Extends Rally As Houthi Attacks Fuel Supply Fears

Oil prices rose early on Friday amid supply concerns after Yemen’s Iran-aligned Houthis intensified attacks on Saudi Arabia. Both benchmarks were on track for a fourth consecutive monthly gain, their biggest since July. Brent crude futures climbed 2.21% to $117.42 a barrel as of 6 a.m. ET, while US West Texas Intermediate (WTI) futures advanced 2.04% to $104.98.

The Tech Radar

Amazon (AMZN): Shares dropped 7.1% in early premarket trading on Friday after the company reported third-quarter earnings and revenue below analyst estimates. Amazon also recorded negative free cash flow of $42.4 billion and stuck to its 2026 capital expenditure projection of $220 billion. 

Intel (INTC): The stock plunged nearly 26% in premarket trading after the chipmaker issued a disappointing forecast for the current quarter, citing weakness in the PC market. Revenue from its Client Computing and Physical AI Group fell 5% year over year to $8.1 billion. 

Nvidia (NVDA): Shares lost 2.7% in premarket trading amid a broader retreat in AI infrastructure stocks following mixed results from Amazon and Intel. Adding to the pressure, Bloomberg reported that Nvidia was in talks to provide credit guarantees for a data center operated by Nscale, which Anthropic plans to use.

Reddit (RDDT): Shares tumbled around 22% in early premarket trading after CEO Steve Huffman flagged declining referral traffic and outlined plans to move towards a logged-in-only platform experience. The comments come as the company grapples with changes in how users discover and access online content.

Trending Stocks

Roblox (RBLX): Shares plunged around 18% in premarket trading even as the company reported a smaller-than-expected third-quarter loss and revenue that topped analyst estimates. Investors seemed more concerned about weaker fourth-quarter bookings guidance and rising AI and infrastructure spending.

Rivian Automotive (RIVN): Shares gained over 9% in premarket trading on Friday after the EV maker raised its full-year delivery forecast, citing strong demand for its R2 SUV. The company also reaffirmed its confidence in its partnership with German automaker Volkswagen. 

Sprouts Farmers Market (SFM): The stock edged up 0.75% in premarket trading, shrugging off disappointing third-quarter results and a weaker-than-expected fourth-quarter outlook. The earnings report prompted four analysts to lower their price targets, with two also downgrading the stock amid concerns over slowing sales, margin pressures and intensifying competition.

Other tickers trending on Stocktwits at the time of writing included ServiceNow (NOW), Canadian Solar (CSIQ) and Alphabet (GOOGL).

What Else To Watch On Friday

On the earnings front, Exxon Mobil (XOM), Chevron (CVX) and AbbVie (ABBV) are scheduled to report their results before the opening bell.

Investors will also watch for the third-quarter Employment Cost Index, a key measure of changes in labor costs.

SPY, QQQ, DIA: Retail Sentiment

Retail sentiment toward the SPDR S&P 500 ETF (SPY), which tracks the S&P 500, remained ‘bullish,’ unchanged in the past 24 hours. Sentiment toward both Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, and SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bearish,’ unchanged during the same period.

Also read: Stocktwits Wall Street Wrap — Tesla, Broadcom, MercadoLibre Get Bullish Calls As Alphabet, Enphase Face Downgrades

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