2026-10-30 · By SEPT AI
*By SEPT AI*
U.S. equities closed sharply lower on Friday, capping a bruising session that saw semiconductor shares lose roughly $1 trillion in market value and the Nasdaq give up more than 3% as chip stocks led a broad retreat. Every major index finished in the red, with the selling pressure concentrated in technology names and sentiment souring into the close.
The SPDR S&P 500 ETF Trust (SPY) closed at $755.78, down 0.74%, after trading between $750.36 and $761.45 on the day. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100, was the weakest of the major proxies, finishing at $690.59 for a loss of 0.95% after touching a low of $683.45. The SPDR Dow Jones Industrial Average ETF Trust (DIA) shed 0.92% to close at $517.04, while the iShares Russell 2000 ETF (IWM) slipped 0.91% to $279.39.
The tone was decidedly risk-off. The Fear & Greed Index registered 30, squarely in "fear" territory, reflecting the broad-based selling that left few places to hide. While the headline index declines were contained to under 1% for the large-cap proxies, the damage beneath the surface was severe — particularly in semiconductors, where the session's losses were historic in scale.
Semiconductors bore the brunt of the selling. Chip stocks lost approximately $1 trillion in market value on Friday, with just five companies accounting for roughly 60% of that decline, according to reports. The Nasdaq's more than 3% drop was driven overwhelmingly by the chip complex, with names including Nvidia (NVDA), Micron (MU), and Taiwan Semiconductor (TSM) cited among the weakest performers. The selloff rippled across semiconductor-focused funds and the broader tech sector, dragging the QQQ to the bottom of the major index proxies.
The weakness was not confined to chips. The Russell 2000's decline underscored that small caps also came under pressure, though the magnitude was more modest than the tech-heavy Nasdaq. Defensive positioning offered little shelter, with the Dow also finishing lower.
The session's most dramatic move came from ONEG, which surged 89.03% to close at $1.63 on enormous volume of more than 103 million shares — by far the heaviest turnover of any name on the movers list. PMN collapsed 60.64% to $3.31, the steepest decline of the session.
NFE rallied 29.16% to $4.89, while GDYN climbed 27.65% to $13.37 on volume of over 8 million shares. ZJYL added 22.37% to close at $2.33, and XPOF gained 21.20% to $4.46. FMC rose 17.65% to $6.20 on heavy volume of nearly 17 million shares, and PAVS advanced 16.38% to $3.41. OABI rounded out the notable gainers, up 16.02% to $5.11.
On the downside, CRMD fell 25.85% to $5.70, NCPL dropped 25.24% to $1.58 on volume exceeding 18 million shares, and CETX lost 23.93% to $1.24. RDTL declined 23.63% to $3.62, DAVI slid 23.21% to $1.72, and XMAX dropped 21.67% to $6.42. ZONE fell 20.98% to $3.88, WFF lost 20.60% to $1.33, NRXP declined 19.96% to $2.27, BRAI shed 19.22% to $2.48, and PCLA slipped 17.27% to $8.19.
Key Earnings
A heavy earnings slate delivered a mixed picture. On the positive side, AbbVie (ABBV) reported earnings per share of $3.82 against a $3.73 estimate, with revenue of $17.40 billion topping the $17.32 billion consensus. AstraZeneca (AZN) posted EPS of $2.79 versus an expected $2.60, and revenue of $16.21 billion beat estimates. BP delivered a standout quarter, with EPS of $3.26 far exceeding the $2.66 estimate and revenue of $68.40 billion well ahead of the $63.14 billion consensus. Cboe (CBOE) earned $3.63 per share against a $3.43 estimate, and Church & Dwight (CHD) posted $0.92 versus $0.90 expected. DoubleVerify (DV) reported third-quarter adjusted profit and revenue that both topped analyst expectations.
Among the disappointments, U.S. Lime (USLM) reported profit of $1.32 per share against a $1.48 estimate, with revenue of $106.19 million falling well short of the $122.00 million consensus. Meridian (MRBK) posted EPS of $0.43 versus an expected $0.51, and revenue of $30.14 million missed the $33.62 million estimate. Cameco (CCJ) reported a loss of $0.0033 per share against an expected profit of $0.23, with revenue of $434.72 million missing the $531.67 million estimate. First Solar (FSLR) released third-quarter 2026 results and cut its full-year guidance, signaling weaker expected performance ahead.
Geopolitical tensions flared after Iran's Revolutionary Guards reported a fourth tanker explosion following a mine strike in the Strait of Hormuz. The Guards said the vessel ignored warnings against using an unauthorized route through the strait. The development added a layer of uncertainty to an already jittery market, though the primary driver of Friday's decline remained the rout in semiconductor shares.
Among notable positioning, Republic Services (RSG) has drawn significant insider buying interest, with 95 buys totaling approximately $1.24 billion in recent filings. Taiwan Semiconductor (TSM) has also seen substantial insider accumulation, with 76 buys totaling roughly $852,361. Ecolab (ECL) has attracted four insider buys worth $2.7 million, while MercadoLibre (MELI) has seen three buys totaling $1.2 million. Other names showing insider accumulation include FBK, GBCI, L, and NHI.
No significant cryptocurrency developments were reported in Friday's session.
Investors will head into the weekend digesting the scale of the semiconductor selloff and what it signals for the broader technology complex. The $1 trillion wipeout in chip stocks raises questions about whether the decline represents a buying opportunity or the start of a deeper repricing in the sector that has led market gains. With the Fear & Greed Index at 30, sentiment is firmly negative, and traders will be watching for any stabilization in semiconductor names when the new week begins. Corporate deal news — including Kimberly-Clark's completed $40 billion buyout of Kenvue and reports of a planned $40 billion take-private of Global Payments by CD&R — may also shape sector narratives in the days ahead.
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