Friday 30 October 2026 was a rare day when tech stocks, gold and silver all fell together. On our MT5 feed the Nasdaq 100 lost −2.37%, gold −3.63% to $3,875.05 and silver −5.84%, while Intel crashed −29.03%, its worst day since 1974. Three forces met: doubts about the returns on Big Tech's huge spending on artificial intelligence, growing bets on a US rate hike in December, and oil above $115 because of the Iran war.
What fell, and by how much
On our MT5 feed the Nasdaq 100 (USTEC) fell −2.37% to 28,404.50 and the S&P 500 (US500) −1.27%. Gold dropped −3.63% to $3,875.05 and silver −5.84% to $49.09. Among single stocks Intel fell −29.03% to $65.26 and Nvidia −4.11%, and the selling spread through chip makers worldwide.
The "$2 trillion wiped out" figure shared on social media is the Nasdaq 100's loss of market value over the whole of October, not a one-day loss.
The Nasdaq 100, the S&P 500, gold and silver side by side over the last five days:
Reason 1: doubts about the AI spending boom
This week's Big Tech results made investors question when the hundreds of billions of dollars spent on artificial intelligence will pay off. Alphabet had its worst day on record on Thursday, down 13% after a miss in search advertising, and Amazon fell 5.6% on Friday after a quarterly miss and heavy cash burn tied to its spending plans. The spending is increasingly paid for with debt: Meta is planning a record $97.5 billion fund-raise and Microsoft a bond sale of about $25 billion.
Reason 2: a US rate hike is back on the table
The Federal Reserve held rates on Wednesday 28 October, but two policymakers voted for a hike. Then the data ran hot: the economy grew 3.4% annualised in the third quarter, and PCE inflation rose to 3.6% a year in September. Markets now price about an 80% chance of a quarter-point hike at the 8–9 December meeting. Higher rates weigh on richly valued tech shares and on gold, which pays no interest.
Reason 3: oil above $115
With the Iran war and new tanker attacks in the Strait of Hormuz, Brent crude trades above $115 ($116.80 on our feed). Expensive oil adds to inflation, and so to the case for higher rates.
Why gold and silver fell too
A sell-off usually sends money into gold. This time the metals were sold to raise cash and cover losses elsewhere, and the prospect of higher US rates reduced their appeal; investors preferred US Treasuries as the safe haven. Gold closed the week at $3,875.05 on our feed. Our full gold analysis covers the levels to watch.
Intel: the worst day since 1974
Intel's third quarter beat expectations, with revenue of $16.51 billion, up 21% on a year earlier, but its forecast for the fourth quarter fell well short: $15–16 billion against about $17.1 billion expected. The outlook was hit by an October explosion at its Kiryat Gat chip plant in Israel, which killed two people and shut the plant for about two weeks, costing about $300 million of revenue. Intel also warned that the slowdown in PCs would last at least until mid-2027. The shares had more than doubled in 2026 before the drop; on our feed Intel is at $65.26 (−29.03%).
Turkey, Mexico, Brazil and crypto
- Turkey: prosecutors detained the general manager of Borsa Istanbul on Saturday 31 October in a fund investigation involving bribery allegations. Turkish markets reopen on Monday; USD/TRY is at 49.81 on our feed.
- Mexico: the peso posted its eighth weekly loss in a row, its longest losing run since 2016, as investors unwound carry trades on US rate-hike bets. USD/MXN is at 18.77.
- Brazil: the Ibovespa lost about 18% in the week after President Lula's re-election.
- Crypto: Bitcoin dipped after the Binance hack and then steadied. See our Binance hack page.
What to watch next
- Monday's open: whether the selling continues after a weekend of geopolitical headlines.
- Tuesday 3 November: the US mid-term elections.
- US data and Fed speakers: anything that moves the odds of a December hike moves tech, gold and the dollar.
- Oil and Hormuz: a new spike would add to the inflation worry.
Trading the moves at TNFX
US indices (US500, USTEC), gold, silver and 60 US and European shares, including Intel and Nvidia, are available as CFDs on MT4 and MT5, long or short. On days like Friday spreads can widen and moves are fast, so use stop-losses.
Trade indices, gold and shares on MT5
Open a real account in two minutes, or practise first on a free demo account with virtual money.
Common questions
Why did the stock market fall on 30 October 2026?
Doubts about the returns on Big Tech's AI spending after weak results, rising bets on a US rate hike in December after strong GDP and inflation data, and oil above $115 because of the Iran war.
Why did gold fall when stocks fell?
The metals were sold to raise cash and cover losses, and the prospect of higher US rates reduced the appeal of gold, which pays no interest. Gold fell −3.63% on Friday on our feed.
Why did Intel stock crash?
Its fourth-quarter forecast fell far short of expectations, hit by an October explosion at its chip plant in Israel and a longer PC slowdown. The shares fell about 29%, their worst day since 1974.
Was $2 trillion wiped out in one day?
No. That is the Nasdaq 100's loss of market value over the whole of October.
Will the Fed raise rates in December?
Markets price about an 80% chance of a quarter-point hike at the 8–9 December meeting, as of 31 October. The odds move with every data release.
What happened to Bitcoin?
It dipped after the Binance hack and then steadied; our Binance hack page has the details and the live chart.