S&P 500 Falls 0.57% for the Week as Intel Erases a Chip Rally; Health Care +3.12%
S&P 500 week close: 7,580.07 (-0.57%) Nasdaq Friday close: 25,437.00 (-2.86%) Sentiment: bearish
The S&P 500 closed the week ending 30 October 2026 at 7,580.07, down 43.61 points or 0.57%, its third straight weekly loss, after Intel's fourth-quarter forecast sent the Philadelphia Semiconductor Index down 7.20% on Friday and erased a four-day chip rally. GOOGL.US lost 12.61% for the week after Alphabet's capital spending turned free cash flow negative, while SGRY.US gained 47.37% on a hospital-system takeover. The Fed held rates in a 10-2 vote with two dissents for a hike, and the 10-year Treasury yield fell 6 bps to 4.93%.
The week on Wall Street
The S&P 500 rose for three sessions to a week-high close of 7,743.98 on Wednesday 28 October 2026, then lost 163.91 points across Thursday and Friday. Monday added 0.70% after Anthropic filed its IPO prospectus publicly and NVDA.US rose 2.39%. Tuesday added 0.60% as Meta's $25 billion share sale drew $3 billion from Nvidia and $1 billion from AMD, and AMD.US gained 5.45% that day. Wednesday added 0.28% as ORCL.US jumped 10.73% on a $225 billion fiscal 2030 revenue target.
GOOGL.US fell 12.64% on Thursday after third-quarter EPS of $2.12 missed the $3.02 consensus and capital spending more than doubled to $51.4 billion, which cost the S&P 500 about 75 bps that day. NOW.US fell 26.95% the same session on slower bookings guidance. On Friday INTC.US dropped 28.58%, its worst day since 1974 per CNN, and the VanEck Semiconductor ETF (SMH.US) fell 6.98%. The Philadelphia Semiconductor Index had gained 6.85% from Monday to Thursday; it ended the week down 0.84%.
The Nasdaq ended the week at 25,437.00, down 2.00%, and Yahoo Finance said October was its worst month since March 2025. The Dow lost 0.85% to 51,770.31. The Russell 2000 rose 1.29% to 2,811.84, its second weekly gain in a row, and Benzinga said Thursday was the first session since July 2024 with small caps up more than 1% while the Nasdaq 100 fell more than 1%. META.US lost 4.30% for the week, AMZN.US 3.08% and NVDA.US 3.00%; LLY.US gained 11.31% on a raised 2026 revenue forecast of $91 billion to $92 billion.
Sector scorecard (5-day)
Health care (XLV.US) rose 3.12% in the week to 30 October 2026, the best of the 11 SPDR sector funds, while communication services (XLC.US) fell 5.32%, the worst.
- Best: Health care (XLV.US) +3.12%, as LLY.US gained 11.31% and CNBC reported the S&P 500 health care sector at a record on Thursday.
- 2.79% was the materials (XLB.US) gain, second best; utilities (XLU.US) added 2.04% and consumer discretionary (XLY.US) 2.02%.
- Worst: Communication services (XLC.US) -5.32%, with GOOGL.US -12.61%, RDDT.US -36.41% and META.US -4.30%.
- Technology (XLK.US) fell 2.03%; the fund lost 4.89% on Friday alone after Intel's guidance.
- Dispersion (best minus worst): 8.44 pts.
Nine of the 11 sector funds closed the week higher while the S&P 500 fell, the second week in a row with that split, because technology and communication services together carry about 43% of the index weight.
Top movers, week ending 30 October
| Ticker | Week | Reason |
|---|---|---|
| SGRY.US | +47.37% | Bon Secours Mercy Health deal at about $6 billion including debt |
| ADT.US | +42.90% | Thrive Holdings to buy it for $10.00 a share cash |
| GKOS.US | +32.83% | Record Q3 net sales of $211.0 million, up 58%; raised guidance |
| GMAB.US | +30.30% | Phase 3 petosemtamab combination cut the risk of death 50% |
| AXGN.US | +29.72% | Q3 revenue up 26.2%; revenue guide raised to at least $290 million |
| XP.US | -53.01% | Lula won a fourth term in Brazil's runoff on 25 October |
| IOVA.US | -39.82% | Lung cancer trial response rate of 24.6%, 17 of 69 patients |
| BBD.US | -37.35% | Brazilian bank ADRs fell after the election result |
| RDDT.US | -36.41% | Weak Q4 sales guidance; plans to test requiring log-ins |
| NOW.US | -33.87% | EPS $1.00 vs $1.02 expected; slower Q4 bookings guidance |
The iShares MSCI Brazil ETF (EWZ.US) lost 23.78% for the week, and ITUB.US fell 26.27%, as the real recorded its worst day since 1999 on Monday, per Benzinga. FFIV.US fell 25.71% on a fiscal 2027 growth outlook of 8% to 9%, FTNT.US 24.40% after it cut its service revenue forecast and INTC.US 24.38%. TWLO.US lost 21.68% after guiding fourth-quarter organic growth to 11% to 12%. CDNA.US gained 26.30% and CROX.US 26.24% after raised full-year forecasts.
Friday US session
- S&P 500: 7,580.07 (-1.82%)
- Nasdaq: 25,437.00 (-2.86%)
- Dow: 51,770.31 (-1.09%)
- VIX: 19.42 (+12.91%)
- Russell 2000: 2,811.84 (-1.66%)
The S&P 500 lost 182 bps on 30 October 2026, its worst session since June, as chips and hardware took about 120 bps. Intel guided fourth-quarter revenue to $15.0 billion to $16.0 billion against a $17.1 billion LSEG consensus, and CEO Lip-Bu Tan said customers "began signaling a PC slowdown based on the memory prices and availability," per Yahoo Finance. AMD.US fell 10.88%, QCOM.US 11.12% and NVDA.US 4.22%. Apple, Microsoft, Alphabet, Amazon and Meta each lost between 1.23% and 1.55%, worth about 40 bps together.
Energy (XLE.US +1.91%), staples (XLP.US +1.41%) and health care (XLV.US +0.45%) returned about 20 bps, with REGN.US up 13.33% on third-quarter EPS of $20.07 against $16.42 expected. December WTI rose 2.08% on Friday to $104.12. Bitcoin fell 2.79% to $76,690 after Binance reported a hack of about $6.3 billion, per CNBC.
Macro themes that played out
The Federal Reserve held its target range at 3.75% to 4% on Wednesday 28 October 2026 in a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack preferring a quarter-point hike. Bloomberg data cited by Yahoo Finance put the futures-implied chance of a hike at the 9 December meeting at 85%. On Friday, St. Louis Fed President Alberto Musalem and Richmond Fed President Tom Barkin both said rates need to rise to bring inflation down.
The BEA reported on 29 October that third-quarter GDP grew at a 3.4% annual rate against 3.2% expected, while September PCE inflation reached 3.6% year on year and core 3.1%. The BLS reported on 30 October that the Employment Cost Index rose 0.8% in the third quarter. The Conference Board's consumer confidence index rose to 91.7 in October from 84.2 on 27 October, and September durable goods orders rose 1.8%. The 10-year yield touched 5.05% after the Fed decision, then closed the week at 4.93%, down from 4.99% a week earlier. The US Dollar Index rose 0.15% to 101.96, and December gold fell 2.72% to $3,898.90.
Week ahead, Monday to Friday (ET)
US clocks move back one hour on Sunday 1 November, so ET is Eastern Standard Time from Monday. Apple, Palantir and AMD report in the same week as the midterm elections and the October jobs report.
- Mon 2 Nov: Apple and Palantir report after the close, per StockTitan; Apple's call is at 5:00pm.
- Tue 3 Nov: US midterm elections. September JOLTS job openings at 10:00am. AMD reports after the close.
- Wed 4 Nov, 8:30am: September international trade in goods and services. Uber reports before the open.
- Thu 5 Nov, 8:30am: third-quarter productivity and costs, plus weekly jobless claims. Global Payments reports.
- Fri 6 Nov, 8:30am: October employment situation report, per the BLS.
- Later: Nvidia reports on Tuesday 17 November; the next Fed decision is on Wednesday 9 December.
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