S&P 500 Erases Its October Gain in the Month’s Last…
By Tobi Opeyemi Amure
AI summary of the source article
The S&P 500 fell 1.22% to 7,626.09, wiping out its October gains. Heavy tech declines drove the drop, with Intel plunging 29.42% on weak guidance and Amazon reporting negative $42.36 billion in trailing free cash flow.
Why it matters
Amazon’s trailing free cash flow at negative $42.36 billion repeats the pattern that hit Alphabet, so the market is pricing AI capital expenditure rather than demand.
Key facts
- The S&P 500 dropped 1.22% to 7,626.09, turning October negative by 0.33%.
- Intel shares fell 29.42% after forecasting Q4 revenue of $15.0 billion to $16.0 billion versus the $17.1 billion expected.
- Amazon generated $201.94 billion in revenue with AWS growing 39%, but trailing twelve-month free cash flow dropped to negative $42.36 billion.
Source excerpt · FinanceFeeds
The S&P 500 fell 1.22% to 7,626.09 shortly after Friday’s open, which puts the index below its 30 September close of 7,651.54 and wipes out a month that had been running 1.21% higher as recently as Wednesday night. With one session left, October has turned negative by 0.33%. The index is also trading 2.41 points above its lowest close of the month, the 7,623.68 printed on 23 October. Intel is down…