US stocks slide as AI worries weigh on Wall Street once again
Nasdaq 100 fell 3.5% and S&P 500 1.8% after weak tech results, with a possible Meta rating downgrade and Apple overtaking Nvidia.
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what happened
Wall Street closed the week lower, with the main US indices falling more than 1% on Friday, according to TradingView. Technology shares sold off sharply as doubts grew that the enthusiasm for artificial intelligence, which has powered the equity bull market, may be overdone. Disappointing results from tech companies produced the biggest drop since June: the Nasdaq 100 slid 3.5% and briefly entered a technical correction, while the S&P 500 lost 1.8% and fell below its 100-day moving average. Intel shares suffered their steepest decline in more than forty years.
According to Bloomberg, S&P Global Ratings has begun preliminary work on a possible downgrade of Meta Platforms' credit rating within the next two years, citing pressure on its balance sheet from heavy AI spending. Apple regained its status as the world's most valuable company, overtaking Nvidia, as investors looked for safety in the iPhone maker. The crypto market also fell after Binance disclosed a record hack, while rising oil prices were fuelled by speculation that the US could resume military action against Iran. Treasuries were little changed on Friday but posted a solid gain over the month.
why it matters
The concern matters for the market because it extends beyond one company to the large technology sector, which accounts for most of the AI spending. Higher oil and the search for defensive assets add uncertainty, and investors are increasingly favouring large companies with steady profits.
market impact
- Nasdaq 100 pressure down — tech sell-off on doubts about AI spending returns
- Meta Platforms shares pressure down — possible S&P Global Ratings downgrade over AI-related balance sheet pressure
- Apple shares pressure up — investors seek relative safety in large, steady earners
tags
instruments
sources
- US markets close lower as AI worries come to haunt Wall Street again — TradingView, 31 October 2026 at 02:49 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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