Nasdaq logs worst month since March 2025 as tech stocks slump

US equity markets fell heavily in the last trading session of October, with the Nasdaq indices once more at the forefront of the declines. The sell-off ended a tough month for the technology sector, as the Nasdaq Composite dropped 5.30% — its steepest monthly decline since March 2025.

Yet the monthly figures reveal a market that has been far from consistent. The Dow and Russell 2000 are still in positive territory, underscoring the divide between struggling tech stocks and areas of relative strength elsewhere.

Today’s market: Nasdaq leads the selling

At the most recent snapshot:

• Dow: Off 573.08 points, or 1.09%, at 51,775.17.

• S&P 500: Off 140.32 points, or 1.82%, at 7,580.07.

• Nasdaq Composite: Off 747.73 points, or 2.86%, at 25,437.00.

• Russell 2000: Off 47.37 points, or 1.66%, at 2,811.84.

• Nasdaq 100: Off 1,017.66 points, or 3.46%, at 28,384.85.

October performance: Dow outpaces Nasdaq 100 by 8.35 percentage points

For the month:

• Dow: Up 1.70%.

• S&P 500: Down 0.93%.

• Nasdaq Composite: Down 5.30%.

• Russell 2000: Up 0.53%.

• Nasdaq 100: Down 6.65%.

The Dow's edge of 8.35 percentage points over the Nasdaq 100 highlights the scale of the divergence. Investors have continued to favour certain companies while aggressively cutting exposure to others.

AI and semiconductor stocks suffer steep monthly losses

The toll on semiconductor and AI-focused shares has been especially harsh:

• Intel: −45.20%.

• CoreWeave: −38.05%.

• SanDisk: −35.58%.

• Nebius Group: −33.65%.

• Lam Research: −29.69%.

• Arm: −29.54%.

• Credo Technology: −28.16%.

• Astera Labs: −27.42%.

• Bloom Energy: −27.03%.

• Marvell: −26.74%.

• Applied Materials: −26.30%.

The breadth of that list is significant. Selling has spread across chipmakers, equipment providers, connectivity firms and AI infrastructure businesses. Buyers have found it hard to find shelter across most of the investment theme.

Magnificent Seven: A wide gap between winners and losers

Monthly performance among the biggest tech-related companies has also shown a sharp split:

• Alphabet: −17.22%.

• Meta Platforms: −15.30%.

• Nvidia: −11.36%.

• Amazon: −3.17%.

• Microsoft: +1.78%.

• Apple: +4.33%.

• Tesla: +12.91%.

Alphabet, Meta and Nvidia have recorded double-digit drops, while Tesla, Apple and Microsoft are still in positive territory. Even within this influential group, the performance gap remains wide.

October’s winners: Strength extends beyond technology

Despite the Nasdaq’s weakness, a number of companies have posted solid monthly gains:

• Lockheed Martin: +26.00%.

• Box: +25.64%.

• Eli Lilly: +23.28%.

• Intuit: +20.62%.

• Chewy: +20.15%.

• Walmart: +18.46%.

• Moderna: +17.35%.

• Shake Shack: +17.13%.

• Dollar Tree: +16.99%.

• Home Depot: +16.55%.

• Mastercard: +16.00%.

• SharkNinja: +15.72%.

• Gilead: +15.72%.

Those rises help clarify why the broader market has performed better than the Nasdaq indices. There have been chances outside the worst-hit tech names.

Market breadth: Sellers have the upper hand today

Today’s trading activity shows considerable stress beneath the surface:

• Nasdaq: 778 stocks rising versus 2,455 falling — roughly three decliners for every advancer.

• Nasdaq 100: 37 stocks rising versus 64 falling.

• S&P 500: 232 stocks rising versus 253 falling.

• NYSE Composite: 633 stocks rising versus 1,157 falling.

The S&P 500’s more balanced breadth stands in contrast to the heavier selling across Nasdaq-listed shares. Still, declining names outnumber advancing ones across all four measures.

What comes next: Can technology buyers regain control?

For buyers, the task is to show that technology can steady itself. A recovery in a few large names would be helpful, but broader participation would offer a more convincing sign that selling pressure is fading.

For sellers, the next question is whether weakness spreads further into the areas that have supported the broader market. The Dow and Russell 2000 remain positive for October, but today’s declines indicate that those areas are also coming under pressure.

Next week’s earnings: Another test for technology

The earnings calendar for November 2–6 brings another important test of sentiment after October’s tech sell-off. Eight reports to watch:

• Monday, November 2: Apple and Palantir — both after the close.

• Tuesday, November 3: AMD and Arista Networks — both after the close.

• Wednesday, November 4: Uber before the open; Qualcomm, Arm and AppLovin after the close.

For the technology reports, the focus will be on whether growth, margins and guidance can give buyers a reason to come back in. AI demand is still central, but investors will also want proof that spending is translating into stronger profits and cash flow.