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Friday, October 30, 2026 · End-of-day recap

Tech selloff deepens as Intel and Reddit post steep one-day drops; Binance hack weighs on crypto

Published Oct 30, 4:46 PM ET

What matters today

  1. Technology stocks were hit hard Friday, with MarketWatch describing the selloff as shifting into overdrive.
  2. Intel had its worst day since the 1970s, according to CNBC, and AMD slid after Intel's earnings, MarketWatch reported.
  3. Reddit logged its biggest one-day drop ever after citing weaker search referral traffic.
  4. Binance reported a roughly $6.3 billion hack, described by CNBC as the largest crypto theft on record.
  5. Fed officials Lorie Logan and Alberto Musalem said rate hikes may be needed again, per CNBC and MarketWatch.

Today's session

Technology shares dominated the session. CNBC reported Intel had its worst day since the 1970s, and MarketWatch said AMD slid after Intel's results pointed to weak AI server chip supply and a soft PC market. CNBC also tied investor nerves to heavy AI spending by big tech companies. The Treasury's 10-year yield was 4.94%, down from 4.98%, and USD/CAD was 1.3960 per the Bank of Canada. Bitcoin was at $76,898, down 2.75% over 24 hours per CoinGecko, after the Binance hack. After the close, MarketWatch reported Reddit had its biggest one-day drop ever. The US employment cost index rose 0.8% in the third quarter, in line with expectations, while Canada's August GDP was 0.0% against a 0.2% estimate.

Next session

PreBell's calendar shows no scheduled releases for the next session on Monday, Nov. 2. ForexLive's week-ahead piece points to Tuesday's US midterm elections, expected rate hikes from the Reserve Bank of Australia and Bank of England, and US and Canadian jobs reports on Friday.

Top headlines

  • Intel shares had their worst day since the 1970s, erasing about $12 billion from the government's stake, CNBC reported.CNBC Top News ↗
  • MarketWatch said the tech selloff accelerated after stocks that were priced for perfection were hit hard.MarketWatch ↗
  • AMD shares fell after Intel's results highlighted AI server chip shortfalls and weak PC demand, according to MarketWatch.MarketWatch ↗
  • Reddit fell by the most in a single day on record after warning of lower search referral traffic.MarketWatch ↗
  • Binance disclosed a breach affecting about $6.3 billion, with roughly $3 billion frozen and losses to be covered.CNBC Top News ↗
  • Fed presidents Musalem and Logan said policymakers may need to resume raising rates, CNBC reported.CNBC Top News ↗
  • The US employment cost index rose 0.8% in Q3, matching forecasts; wages rose 0.7%, down from 0.9%.ForexLive ↗
  • CNBC reported investors are preparing for Democratic gains in Tuesday's midterm elections that will decide control of Congress.CNBC Top News ↗

Written with AI from the listed sources and checked automatically. Every number links to its source.