The AI Boogeyman Haunts the Market this Halloween
Grace O'Donnell , David Hollerith and Ines Ferré of Yahoo Finance report the Nasdaq, Dow, S&P 500 clobbered as October closes with brutal sell-off: US stocks plunged in the final trading day of the month as earnings from Amazon ( AMZN ) and Alphabet ( GOOG , GOOGL ) this week rekindled concerns about the amount of money Big Tech is spending on its AI ambitions. The Nasdaq Composite ( ^IXIC ) tumbled 2.8% as a tech-fueled sell-off intensified. The Dow Jones Industrial Average ( ^DJI ) fell 1.2%, or over 650 points, while the S&P 500 ( ^GSPC ) dropped 2%. For the month, the Dow gained 1.5%, while the Nasdaq and S&P 500 gave up gains, falling 5.2% and 1.2%, respectively. October marked the worst month for the Nasdaq since March 2025. Stocks fell for the second day in a row after Amazon and Alphabet posted rare earnings misses , renewing concerns about the sustainability of the AI boom. Amazon shares fell 2%, while Alphabet continued to erase market valu...