Wall Street drops to its worst day since June after the sell-off for tech stocks deepens
Economic Times 2 hrs ago·31 Oct 2026, 12:50 am
Wall Street posted its steepest decline since June as a wave of profit‑taking hit technology shares. Investors are re‑evaluating whether the surge in artificial‑intelligence spending will translate into earnings strong enough to support the high valuations that many AI‑focused companies have enjoyed.
The broader market felt the pressure, with the S&P 500 slipping about 1.8% and the Nasdaq dropping roughly 2.9%. Heavyweights such as Intel saw a near‑30% plunge, while Nvidia fell over 4%. Even the cryptocurrency market added to the gloom, with bitcoin sliding after a major security breach at Binance.
Going forward, market participants will be watching upcoming earnings reports for signs that AI investments are beginning to generate revenue, as well as any further developments in the crypto‑security space and any shifts in monetary‑policy expectations that could influence risk appetite.
Excerpt from Economic Times
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Key takeaways
- Category: Economy.
- AI reads the tone as negative (potentially bearish) for the stock.
- Flagged as a high-impact, market-moving story.
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