Nasdaq Slides as Intel Sinks 29% and Reddit Falls 24% While OneSpan, Capri and Regeneron Surge
AI, chip and crypto stocks led a Nasdaq selloff on Oct. 30, while a handful of earnings winners and drug stocks advanced.
The Nasdaq led U.S. stocks lower on Oct. 30 as investors cut exposure to AI, semiconductors, neocloud providers and crypto. In mid-morning trading the Nasdaq Composite was down about 2.5%, the S&P 500 about 1.5% and the Dow about 0.7%. Intel (INTC) and Reddit (RDDT) took the steepest losses among large names after weak guidance and user data, while OneSpan (OSPN), Capri (CPRI) and Regeneron (REGN) gained double digits on earnings. Amazon (AMZN) recovered a large part of its premarket decline. Prices below are from mid-morning trading and will change by the close.
Where the major gauges stood
| Gauge | Level | Change |
|---|---|---|
| Nasdaq Composite | 25,524 | -2.52% |
| S&P 500 | 7,606 | -1.49% |
| Dow Jones Industrial Average | 51,963 | -0.72% |
| Russell 2000 | 2,828 | -1.08% |
| VIX | 18.85 | +9.6% |
Levels are from about 10:20 a.m. ET and are approximate. Bitcoin was down roughly 5% near $76,700 at the same point.
Gainers: earnings winners and drug stocks
| Stock | Move | Price | Why it moved |
|---|---|---|---|
| OneSpan (OSPN) | +34.5% | $27.19 | Q3 revenue rose 12% to $63.9M and subscription revenue rose 16% to $51.5M. The company raised full-year revenue guidance to $254M-$258M from $248M-$252M. |
| Capri Holdings (CPRI) | +15.8% | $18.59 | Fiscal Q2 adjusted EPS of $0.42 compared with an adjusted loss of $0.03 a year earlier, on revenue of $809M, down 5.5%. Full-year guidance was raised to about $3.42B of revenue and about $2.20 of EPS. |
| Regeneron (REGN) | +13.8% | $930.22 | Q3 revenue rose 36% to $5.12B and non-GAAP EPS of $20.07 compared with $16.06 expected. The company also expanded its Sanofi antibody collaboration with a $1.0B up-front payment. |
| Workhorse (WKHS) | +10.9% | $2.86 | Shares extended earlier gains with no company-specific catalyst confirmed. |
| AstraZeneca (AZN) | +7.3% | $187.25 | Third-quarter earnings and revenue exceeded expectations. |
| Gilead Sciences (GILD) | +4.3% | $172.68 | Q3 revenue rose 7% to $8.3B and non-GAAP EPS was $2.55. Full-year product sales guidance was raised to $31.0B-$31.3B from $30.1B-$30.4B. |
| Mondelez (MDLZ) | +4.1% | $65.08 | Adjusted EPS rose 6.8% to $0.78 on revenue of $9.97B, up 2.3%, and 2026 guidance was reaffirmed. |
| Rivian (RIVN) | +3.7% | $11.90 | Q3 results beat estimates and the company raised its 2026 delivery outlook. See our Rivian earnings article. |
Regeneron's gain was backed by growth across its main products: U.S. Eylea HD sales rose 62% to $699M and Libtayo sales rose 51% to $550M, and the FDA approved garetosmab (Pasatru) for fibrodysplasia ossificans progressiva. Gilead's full-year earnings guidance is a loss because of about $12.4B of acquired in-process R&D charges, which the company includes in its outlook.
Decliners: guidance and user data
| Stock | Move | Price | Why it moved |
|---|---|---|---|
| Alphatec (ATEC) | -32.6% | $7.67 | Q3 revenue of $221M, up 13%, fell short of the company's expectations on lower biologics attachment, though surgical hardware grew 17%. |
| Intel (INTC) | -28.9% | $65.50 | Q4 revenue guidance of $15B-$16B came in below the roughly $17B expected, with PC demand weakening. See our Intel recap. |
| Reddit (RDDT) | -23.9% | $98.78 | Revenue rose 53% to $895M, but U.S. daily active uniques fell 2% to 50.7M. Q4 revenue guidance is $1.00B-$1.03B. See our Reddit earnings article. |
| Twilio (TWLO) | -16.9% | $201.33 | Q3 revenue rose 20% to $1.56B, with non-GAAP EPS of $1.65. Q4 guidance of $1.595B-$1.605B implies organic growth slowing to 11%-12% from 16%, and EPS guidance of $1.48-$1.53 is below Q3. |
| Roblox (RBLX) | -15.5% | $44.37 | Shares kept falling after daily users dropped 9% to 138M despite a bookings beat. See our Roblox earnings article. |
| Illumina (ILMN) | -12.7% | $252.84 | Q3 revenue of $1.13B was up 4.2% and non-GAAP EPS was $1.62, including tariff refunds. Full-year guidance was raised, but growth is modest. |
| Coinbase (COIN) | -11.7% | $141.96 | Q3 revenue of $1.2B fell 35% from a year earlier and transaction revenue fell 44% to $590M, though net income was $718.7M. Crypto weakness added pressure. |
| Pinterest (PINS) | -5.0% | $18.91 | Revenue rose 12% to $1.17B with 661M monthly users, but Q4 revenue guidance of $1.425B-$1.475B implies growth of 8%-12%. |
The common thread is guidance. Intel, Twilio, Pinterest and Reddit all reported growth in the latest quarter, but each gave an outlook, or showed a user trend, that pointed to a slowdown. In a market already worried about AI spending, stocks with demanding valuations were punished for it.
AI, chips and neoclouds
| Stock | Move | Price |
|---|---|---|
| Advanced Micro Devices (AMD) | -8.8% | $516.49 |
| Sandisk (SNDK) | -8.5% | $1,217.30 |
| CoreWeave (CRWV) | -7.5% | $56.17 |
| Nebius (NBIS) | -7.5% | $159.22 |
| Broadcom (AVGO) | -4.5% | $329.48 |
| Nvidia (NVDA) | -2.8% | $207.74 |
Chipmakers sold off on concerns about AI spending and monetization, and neocloud providers fell on scrutiny of debt-funded expansion, a theme we covered in our Microsoft capex article. Sandisk fell even after strong results and an eight-for-one split announcement, detailed in our Sandisk split recap.
Crypto
Crypto-linked shares fell as bitcoin slid. Coinbase lost 11.7% and Robinhood (HOOD) fell 8.1% to $84.11. Our Binance hack article covers the security incident that has weighed on the group.
Amazon's partial recovery
Amazon traded down 2.4% at $237.91, well off its steeper premarket loss. Investors are focused on spending: the company laid out about $77B of quarterly capital spending, and trailing free cash flow is negative by more than $42B. See our Amazon earnings article and our look at 2027 capex plans.
What it means
The session shows a market sorting stocks by cash returns and the durability of growth. Drug and consumer names with solid reports and raised outlooks attracted buyers, while technology stocks tied to AI spending, advertising platforms with slowing users and crypto firms faced selling. With the Nasdaq down sharply, the closing levels will show how much of the move holds into the weekend.
Sources: Oct. 29-30 earnings releases filed with the SEC by OneSpan, Capri, Regeneron, Alphatec, Twilio, Illumina, Pinterest, Mondelez, Gilead, Coinbase and Reddit. Index levels, share prices, analyst estimates and percentage moves are from market data in mid-morning trading and will change. This is informational, not a recommendation to buy or sell.
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