Stock Market Update
30-Oct-26 12:30 ET
Major averages chart session lows as earnings drive divergence
Dow -364.18
at 51978.59,
Nasdaq -682.11
at 25523.05,
S&P -121.39
at 7599.07
[BRIEFING.COM] The major averages continue to steadily chart session lows just after midday, with selling pressure extending beyond mega-cap technology stocks.
HP Inc. (HPQ 28.99, -2.84, -8.92%) and Dell (DELL 422.01, -53.50, -11.25%) are sharply lower following Intel's (INTC 64.78, -27.28, -29.64%) disappointing outlook, which highlighted deteriorating PC demand amid rising memory prices and supply shortages. Intel now expects industry PC unit demand to decline approximately 12% in 2026 and another 10% in 2027, raising concerns about the outlook for PC manufacturers.
Meanwhile, FedEx Freight (FDXF 126.94, +17.26, +15.73%) is a notable standout and the S&P 500's best-performing component today after reporting results for its four-month transition period. Shares have reclaimed their 50-day moving average (118.81) and reached their highest level since mid-September.
