US stock futures fell on Friday, the last trading day of October, as earnings reports from Amazon, Alphabet and Intel led investors to sell technology shares. The declines came at the end of a week in which several of the largest US technology companies reported quarterly results and renewed scrutiny of their artificial intelligence spending. Because those mega-cap names carry heavy weightings in the major indexes, their post-earnings slides fed directly into the broader market's move toward the month's close.

Nasdaq 100 futures dropped about 2% in early trading. S&P 500 futures slid roughly 1%, while Dow Jones Industrial Average futures held close to flat. Stocks fell for a second consecutive day.

Amazon and Alphabet both posted rare earnings misses this week, renewing concerns about how much Big Tech is spending on artificial intelligence. That tension between AI spending plans and delivered quarterly results has become the defining storyline of this earnings season.

Amazon and Intel Lead the Declines

Amazon shares fell between 6.5% and 7% in premarket trading after the company reported disappointing third-quarter results from its online retail business. The stock had already slid more than 12% in after-hours trading following the release, wiping out roughly $315 billion in market value, according to market commentary account The Kobeissi Letter:

BREAKING: Amazon stock, $AMZN, collapses over -12% after reporting weaker than expected Q3 earnings. The stock has now erased -$315 billion worth of market cap in after hours trading. pic.twitter.com/PktjkI1Gbx

— The Kobeissi Letter (@KobeissiLetter) October 29, 2026

Amazon Web Services, the company's cloud unit, posted solid numbers for the quarter. Those figures, however, did not offset the weaker retail results. The split repeated itself across the week, as strong AI-adjacent businesses failed to compensate for softness in core operations at each of the reporting giants.

Intel stock dropped about 25% to 26% before the open. The chipmaker reported soft third-quarter sales and issued a fourth-quarter outlook that came in short of expectations. Intel's PC segment weighed on its overall results, although revenue tied to artificial intelligence still rose sharply during the quarter.

Together, the two reports added to pressure on technology shares, and concerns about Big Tech spending on AI have returned to the center of investor attention.

Alphabet Extends Its Losses

Alphabet, the parent company of Google, kept losing value on Friday. Its stock had its worst day in more than 20 years on Thursday, a session in which the company lost about $497 billion in market value. Fast growth in AI and cloud services did not make up for weaker results in its services business.

Reports noted that AI demand remains strong across the industry. Even so, investors have sold shares of companies with weaker quarterly results throughout this earnings season.

Market data showed S&P 500 futures down 82.25 points, or 1.06%, at 7,672. Nasdaq 100 futures fell 691.25 points to 28,870.75. Dow futures were down 23 points, or 0.04%, at 52,489. Some early reports had shown the index slightly higher.

Oil prices also moved higher on Friday. Brent crude futures rose to $112 per barrel, and WTI crude reached $103 per barrel.

Earnings season continues before the open on Friday, with a slate of reports from companies outside the technology sector. ExxonMobil, Chevron, AbbVie and AstraZeneca are all scheduled to release results. As October's final trading session, Friday also closes out a month whose back end was dominated by Big Tech earnings, and the non-tech slate will round out the reporting picture beyond the AI-focused names that drove the week's action.

This article is based on a report originally published by CoinCentral.