Nasdaq Falls 2.86% as U.S. Markets Enter Election and Earnings Week

• Nasdaq dropped 2.86% Friday, its steepest one-day fall since June, marking a third straight weekly loss • Intel shares plunged 29% after weak Q4 guidance despite strong Q3 revenue and data center growth • Investors await midterm elections, Apple/Palantir/AMD earnings, and Friday's October jobs report U.S. stocks fell for a third straight week as the Nasdaq Composite dropped 2.86% Friday, its largest one-day decline since June. The S&P 500 fell 1.82% and the Dow lost 1.09% on the day; for the week, the S&P 500 slid 0.58%, the Nasdaq 2%, and the Dow 0.85% — all three indexes' longest losing streak since March. The Philadelphia Semiconductor Index dropped 7.2% Friday and over 15% in October. Intel shares fell about 29% Friday, their worst day since 1974, despite Q3 revenue of $16.51 billion (up 21% year over year) and data center revenue up 78%. Intel's Q4 revenue guidance of $15-16 billion came in below estimates near $17 billion, with PC shipments expected to fall 25-30% from the prior quarter. Bitcoin traded at $78,383 Sunday evening. Apple and Palantir report earnings Monday, Nov. 2; midterm elections (all 435 House seats, 35 Senate seats) are Tuesday, Nov. 3, with AMD reporting that evening and Qualcomm, Arm, and Arista Networks later in the week. The October jobs report is due Friday, Nov. 6 — September payrolls rose 29,000, with a three-month average near 50,000. ISM manufacturing and services surveys are due Monday and Wednesday; September's manufacturing PMI was 54.5 with a prices-paid index of 77.9.