Intel Corp. (INTC) is on track to match its worst day on record, and the damage is spreading across chipmakers and the Nasdaq.

The company's stock fell about 29.6% by midday, matching its 29.6% plunge in July 1974, the steepest one-day drop in its history. The downfall erased about $144 billion of market value by midday. Intel guided fourth-quarter revenue to about $15.5 billion and adjusted earnings to 25 cents a share, but Wall Street expected roughly $17 billion and 43 cents.

Bank of America analyst Vivek Arya downgraded Intel to Neutral from Buy and cut his price objective to $100 from $145. He said Intel's "agentic tide" in data center chips is "more than offset by PC/supply headwinds."

The Selloff Did Not Stay With Intel

Aside from Intel, losses from Nvidia Corp. (NVDA), Advanced Micro Devices Inc. (AMD), Broadcom Inc. (AVGO), Micron Technology Inc. (MU) and Qualcomm Inc. (QCOM) add up to roughly $631 billion.

Nvidia alone shed about $212 billion as it fell 4.1%, while AMD dropped 11.1% and Qualcomm 11.0%.

The S&P 500 fell 125 points, or 1.6%, to 7,596 by midday.

The Dow Jones Industrial Average lost 386 points, or 0.7%, to 51,957, with Nvidia the heaviest drag.

The Nasdaq 100 dropped 3.2%, on track for its worst session since June 23. All of the Magnificent Seven traded lower, and Apple Inc. (AAPL) held up best, down 0.4%.

The Russell 2000 slid 1.8%. The CBOE Volatility Index jumped 15.4% to 19.85.

Treasuries Offer Little Shelter

The 10-year yield rose 2 basis points to 4.95%, while the 2-year yield also rose 2 basis points to 4.62%. The 30-year yield climbed 3 basis points to 5.32%.

Oil extended its rally after reports of a tanker attack near the Strait of Hormuz. West Texas Intermediate crude rose 2.1% to $104.14 a barrel, and Brent gained 2.4% to $113.44.

Precious metals went the other way. Gold fell 3.1% to $3,908.10 an ounce, its lowest level since early October 2025, as traders weighed the risk of another Federal Reserve hike after two officials dissented in favor of an increase this week. Silver lost 5.9% to $49.28, back below $50.

Bitcoin (CRYPTO: BTC) slipped 0.8% to about $77,280 after reports of a major Binance security breach.

Friday's Performance In Major US Indices

According to the MarketDash Pro platform:

• The Vanguard S&P 500 ETF (VOO) fell 1.6%.
• The SPDR Dow Jones Industrial Average ETF Trust (DIA) slipped 0.7%.
• The Invesco QQQ Trust (QQQ) tumbled 3.2%.
• The iShares Russell 2000 ETF (IWM) declined 1.7%.

Chipmakers Sink Tech, Defensives Hold Up

The Technology Select Sector SPDR Fund (XLK) was the worst-performing sector fund, down 4.9%, as Intel's outlook pulled the whole chip group lower.

The VanEck Semiconductor ETF (SMH) lost 7.0%, and the iShares Semiconductor ETF (SOXX) sank 8.5%. For the latter, that's the worst daily drop since early June.

The Consumer Staples Select Sector SPDR Fund (XLP) led with a 1.7% gain as investors moved out of tech and into defensive sectors.

The Energy Select Sector SPDR Fund (XLE) rose 1.4% with crude. Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) rose 1.4% and 1.5%, respectively, after reporting before the bell.

Health care, utilities and real estate also rose between 0.6% and 1.0%, while industrials, communication services, consumer discretionary, financials and materials slipped.

Month-to-date, the Health Care Select Sector SPDR Fund (XLV) is up 10.3%, outperforming the SPDR S&P 500 ETF Trust (SPY) by 11 percentage points. That's the widest monthly outperformance of health care stocks over the S&P 500 since the fund's launch in December 1998.

Earnings Drive Biggest Moves Among Large Caps

FedEx Freight Holding Company Inc. (FDXF) jumped 14.9% after its first results as a standalone company and a higher outlook.

Regeneron Pharmaceuticals Inc. (REGN) rallied 11.4% as third-quarter revenue rose 36% to $5.12 billion and adjusted earnings of $20.07 a share topped estimates.

Veralto Corp. (VLTO) climbed 10.3% after raising its full-year adjusted EPS guidance to $4.49 to $4.52. Olin Corp. (OLN) gained 9.6% after saying it now expects its merger with Huntsman to close in the first quarter of 2027.

Global Payments Inc. (GPN) rose 10.3% after the Financial Times reported that private equity firm Clayton, Dubilier & Rice is pursuing a buyout of the payments processor.

On the Downside

Reddit Inc. (RDDT) plunged 29.2%, on track for its worst day since its March 2024 debut, after warning that weaker Google search referrals could cut daily active users by a low-double-digit percentage in the fourth quarter.

Roblox Corp. (RBLX) sank 20.8% after forecasting a 10% to 15% drop in fourth-quarter bookings.

Credit Acceptance Corp. (CACC) fell 19.2% after posting a third-quarter net loss as its provision for credit losses jumped 170%. Bright Horizons Family Solutions Inc. (BFAM) dropped 19.8% after Baird downgraded it to Neutral and cut its target to $65 from $98.

Looking Ahead: No major S&P 500 companies report after Friday's close. Apple opens next week's calendar on Monday after the bell, with analysts expecting earnings of $1.99 a share.

Friday's Russell 1000 Top Gainers

Friday's Russell 1000 Top Losers