5 things to know before Wall Street opens on October 30

What happened

US stock futures fell before Friday's open as Amazon and Intel earnings deepened a technology sell-off; Amazon dropped 7.2% in pre-market trading despite 39% cloud revenue growth and held plans for about $220 billion in 2026 capital spending, while Intel plunged 25%.

Confirmed

Global impact / market context

Amazon's free cash flow, the cash left after running and investing in the business, swung to a $42.4 billion outflow even as cloud revenue grew, showing that heavy spending on artificial intelligence can drain cash and unsettle investors who fund that spending.

Confirmed

Technology stocks face pressure as investors question whether heavy artificial intelligence spending will pay off, and the S&P 500's 1.04% futures decline alongside stable Dow futures suggests the sell-off is concentrated in tech rather than broad.

Analyst inference

What to watch

1. The third-quarter Employment Cost Index is due at 8:30 am Eastern, with economists expecting a 0.8% quarterly rise; a hotter reading could keep the Federal Reserve from cutting interest rates. Confirmed
2. Whether Amazon and Intel shares recover after the opening bell will show if the pre-market declines reflect broad reassessment of artificial intelligence spending or just a short-lived reaction to earnings. Analyst inference
3. Watch whether other technology companies follow Amazon in maintaining large 2026 capital spending plans despite weaker cash flow, which would signal the artificial intelligence spending race is widening. Proposed

Evidence

• invezz.com