End-of-day recap

Disappointing tech earnings accelerated a rotation out of AI-trade stocks on Oct 30, 2026, while healthcare and select consumer names posted double-digit gains on strong results.

The S&P 500 fell 2.07% to 7,560.68 and the Nasdaq dropped 2.86% to 25,436.99. The Dow lost 1.09%, the Russell 2000 slid 1.66%, the VIX rose 12.91% to 19.42 and the 10-year yield sat at 4.94%. Per Bloomberg and Barron's, investors are questioning whether AI spending will justify debt-funded investment.

Intel fell 28.58% to $65.76, a $347.61B market cap. Weak Q4 guidance triggered its worst single-day decline on Wall Street in more than 50 years, per CNBC. Stifel cut its target to $90, and Freedom Broker downgraded the stock to Hold at $90.

Reddit plunged 29.27% to $91.67, its biggest one-day drop since its IPO, after weak Q4 guidance. Bernstein SocGen and Cantor Fitzgerald each cut their targets to $120.

Regeneron jumped 13.33% to $927.89 after Q3 adjusted EPS of $20.07 topped estimates on $5.12B in revenue, up 36% year over year on its Sanofi collaboration. Baird raised its target to $875.

Capri Holdings surged 16.31% to $18.68 after raising annual forecasts on Jimmy Choo strength, guiding to fiscal 2027 EPS of $2.20 on roughly $3.42B in revenue. Michael Kors is on track to return to growth in Q4.

GoDaddy climbed 10.72% to $117.24 after guiding to the high end of its $5.215B-$5.255B 2026 revenue range and reaffirming a normalized EBITDA margin above 33%. Evercore ISI raised its target to $105.

UBS raised its Gilead Sciences target to $195 from a $170.95 reference price, with analyst Michael Yee citing a revenue beat and raised guidance.

Wedbush upgraded DoorDash to Outperform with a $230 target, versus a $185.36 reference price, on a call from analyst Ygal Arounian.

NVIDIA led options with 6,386,224 contracts at a 0.64 call/put ratio, and Tesla traded 4,505,397. Intel options volume reached 4,077,909 contracts, 491.14% of its daily average.

Energy led all 11 sectors, up 1.91%, while Technology fell 4.89% as investors moved toward defensive, haven-oriented positioning, per Bloomberg.

After the close, AstraZeneca rose 7.00% to $186.65 on Q3 core EPS of $2.79 versus $2.60 expected and revenue of $16.21B versus $16.00B. It also announced a plan to save $1.5B annually for pipeline reinvestment.

AutoNation rose 6.10% after hours to $179.64 as Q3 non-GAAP EPS of $5.11 beat the $5.08 estimate and $7.01B in revenue topped expectations by $80M, though profit fell on lower new-vehicle sales.

The question heading into next week: does the AI-trade rotation run a fourth week?

Not financial advice. For informational and educational purposes only.