Asian stocks faced pressure on Friday, October 30, 2026, as technology shares extended their decline for a second day. The sell-off was driven by disappointing earnings reports, prompting investors to rotate out of the artificial intelligence sector. Bitcoin also continued its downward trend, adding to the market's bearish sentiment.
Amazon.com Inc. saw a sharp drop of 7.3% in extended trading after reporting higher spending and slower growth in its online business. Intel Corp. experienced an even steeper fall, plunging 23% in late trading after its revenue forecast fell short of estimates. These underwhelming results contributed to the broader market downturn.
White House National Economic Council Director Kevin Hassett suggested that the Federal Reserve may raise interest rates if inflation figures for this month prove elevated. Speaking on “Bloomberg The Open” following the latest PCE inflation report, Hassett stated that the Fed would “probably appropriately act” if inflation data comes out high.