Intel fell 28.58% on Friday to $65.76, its worst day since July 1974. In the stock's 55-year history, only one session has been worse.
The selling erased roughly $140 billion in market value and pulled the S&P 500 down 1.82% to 7,580.07, its worst day since June 5. The VIX touched 23.93 intraday before settling at 19.42.
Intel's Q4 guide of 25 cents in adjusted EPS on $15 billion to $16 billion in revenue landed below the 43-cent consensus. AMD fell 10.88%, Qualcomm 11.12%, and the Philadelphia Semiconductor Index sank 7.20% to 10,688.80.
The Nasdaq dropped 2.86% to 25,437. October cost it 5.3%, its worst month since March 2025.
The Dow lost 572 points to 51,770. The equal-weight S&P 500 fell just 0.79% and posted a fourth straight weekly gain, confirming the selloff hit the largest names hardest.
Apple reports after Monday's close into the worst chip sentiment since June.
Crude moved opposite to equities. WTI settled at $104.12, up 2.08%, after limpet mines struck a tanker in the Strait of Hormuz.
It was the first successful such attack since the conflict with Iran began. Brent closed at $113.43, up 2.37%.
Exxon rose 2.16% and Chevron gained 1.75% after both beat quarterly estimates. Oil has gained in four straight months, keeping inflation pressure elevated and reinforcing the hawkish case two Fed officials pressed on Friday.
December gold futures settled at $3,884.90, down 3.6% to a one-year low. The metal is roughly 30% below its January record.
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Silver fell 5.93% to $49.28, below $50 for the first time in 11 months. Gold dropped alongside the equity rout instead of absorbing it.
The selling tracked the same rate-hike repricing that oil is driving. The Q3 Employment Cost Index, also released Friday, rose 0.8%, with year-over-year growth of 3.4% keeping the hawks' case intact.
Treasuries took the safety bid that gold did not. The 10-year yield fell 4 basis points to 4.94%, its second consecutive close below 5%.
The 2-year shed 5 basis points to 4.56%. Dallas Fed President Logan said the Fed needs at least two more quarter-point hikes.
CME FedWatch priced December hike odds at 76%. The Fed's Senior Loan Officer Opinion Survey lands Monday at 2:00 p.m. and will show whether tighter credit is doing some of the Fed's work.
The S&P Global final manufacturing PMI posts at 9:45 a.m. ET. The flash reading was 56.0.
The October ISM Manufacturing PMI follows at 10:00 a.m. with consensus at 54.6 versus September's 54.5. A reading above 55 would match July's pace and add to the rate-hike case.
Construction spending also posts at 10:00 a.m. with consensus at 0.6%.
Apple reports after the close with analysts expecting about $1.98 per share on roughly $113.3 billion in revenue. After this week's tech wreckage, any softness in iPhone guidance will carry outsized weight.
