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US Market Crash: Here's what triggered Friday's steep Wall Street sell-off - Edited byJuviraj Anchil - Published OnOct 31, 2026 | 08:19 IST - Last Updated OnOct 31, 2026 | 08:29 IST Wall Street slumped over 1% as a tech stock decline sparked AI hype concerns, with the Nasdaq 100 dropping 3.5%. Apple overtook Nvidia as the most valuable company. Wall Street experienced a significant downturn as the US indices closed for the week on Friday, as the benchmarks slumped by over 1%. A sharp decline in technology stocks raised concerns that the artificial intelligence hype, which has driven the equity bull market, may be exaggerated. Disappointing results from tech companies triggered the largest stock drop since June, with the Nasdaq 100 plummeting 3.5% and briefly entering a technical correction. Intel Corp. faced its largest decline in over forty years. The S&P 500 fell 1.8%, dropping below its 100-day moving average. As per a Bloomberg report, S&P Global Ratings has taken preliminary steps towards a potential downgrade of Meta Platforms Inc.’s credit rating within the next two years, due to increasing pressure on its balance sheet resulting from high expenditures related to AI. Another report said that the primary operations of America's technology giants the advertising, consumer, and retail sectors that support a combined $750 billion in AI expenditures this year, are beginning to exhibit signs of deceleration. Apple Inc. has regained its status as the world's most valuable company, overtaking Nvidia Corp. as investors seek the relative safety of the iPhone manufacturer amid concerns regarding AI investments. Another report said that the primary operations of America's technology giants the advertising, consumer, and retail sectors that support a combined $750 billion in AI expenditures this year, are beginning to exhibit signs of deceleration. In other news, a wave of selling impacted the cryptocurrency market as Binance disclosed a record hack, reigniting concerns about the security of customer assets. Rising oil prices, with Brent crude consistently above the $115 mark, have further contributed to anxiety amid speculation that the US may resume military actions against Iran. While Treasuries remained relatively stable on Friday, they experienced a strong month overall. Also Read: OpenAI cuts funding target by $10 billion, says report
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