US Stocks Erase Gains

2025-10-31 17:38 By Andre Joaquim 1 min. read

US stocks erased early gains on Friday amid mixed earnings and skepticism on whether soaring capex levels on AI will translate to the guidance pledged by tech giants.

The S&P 500 was flat and the Dow was 150 points lower, while the Nasdaq 100 inched higher.

Nvidia swung to the negative territory after unveiling new partnerships with South Korean firms, while Meta dropped 2% to mark a near 15% slide since unveiling its high-capex guidance for next year.

Additionally, AbbVie slid 5% after unveiling the possible impact of drug pricing cuts by pressed by the Trump administration.

On the other hand, Amazon surged 10% following its fastest cloud-unit growth in nearly three years.

Among oil giants, Chevron added 3% after reporting better-than-expected earnings, but Exxon Mobil fell as its quarterly profit declined.

The three major indices were on track to book sharp gains on October, with the Nasdaq adding nearly 4% as AI deals extended the rally for Magnificent 7 stocks.



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