The Nasdaq Composite took the hardest hit, diving 2.8% to cap off its worst month since March 2025 with a 5.2% monthly drop. Meanwhile, the S&P 500 fell 2% to finish the month down 1.2%, and the Dow Jones Industrial Average dropped 1.2%, losing more than 650 points.
The market downturn was largely driven by weak earnings reports and guidance from prominent tech firms like Intel and Amazon, compounding earlier earnings retreats from Alphabet and Fortinet. Intel shares plunged following its weak report, while Amazon shares slid after a third-quarter earnings miss. Additionally, technical charts flashed a sell signal for NetApp stock.
Despite the widespread losses across the technology sector, certain components managed relative strength, such as CBOE Global Markets leading the S&P 500 and Vertex Pharmaceuticals outperforming within the Nasdaq 100.
