Nasdaq futures tumbled on Friday, while Dow Jones Industrial Average futures outperformed as traders moved out of key stocks related to artificial intelligence and into more defensive areas of the market. Futures tied to the Nasdaq 100 lost 2.6%, while those linked to the S&P 500 slid 1.1%. Dow futures were down 39 points, or 0.1%. Amazon shares lost 6% in premarket trading after the company reported earnings and revenue for the third quarter that fell short of Wall Street’s expectations. The company also posted negative free cash flow of $42.4 billion and maintained its 2026 capital expenditures forecast for $220 billion. Intel, meanwhile, slide almost 24% after issuing a weak outlook for the current quarter, pointing to a slowdown in PCs. Revenue in the company’s client computing and physical artificial intelligence group declined 5% from the year-ago quarter to $8.1 billion. Sandisk also fell in premarket trading, down 9% even as its fiscal first quarter results beat estimates. The data storage company announced an eight-for-one forward stock split. Chipmakers more broadly were under pressure as well. Advanced Micro Devices dropped 8%, while others such as Nvidia and Broadcom each fell around 3%. As investors rotated out of tech, defensive areas such as consumer staples and healthcare saw gains. Procter & Gamble, Walmart, and Coca-Cola each rose around 2%, supporting Dow futures. Fellow Dow members Johnson & Johnson and Merck added roughly 2%. “With renewed fears over AI monetization, the equity rotation is likely to continue today, but the broader indices will reflect tech’s downside,” JPMorgan traders said in a recent note. The declines come as investors scrutinize the AI trade. In regular trading Thursday, Alphabet shares lost 12% after the company missed on earnings and revenue in the third quarter and posted negative free cash flow of $9.07 billion. The Google parent’s slide dragged the Nasdaq Composite to a 1.4% loss in the regular session, while the S&P 500 fell 0.3%. Friday marks the final trading day in October. The month has been rocky for the AI trade, with investors paying close attention to companies’ spending around the build-out. Hyperscalers Alphabet and Microsoft haven’t lifted their capital expenditures forecasts. At the same time, neoclouds—the cloud-computing companies that are behind the infrastructure needed for AI data centers—are facing investor scrutiny over their debt levels. CoreWeave, which has seen a surge in its bond yields, is the poster child of that worry; shares have cratered 30% in October. Nebius is heading for a 27% decline on the month. The Roundhill Memory ETF (DRAM), which includes AI memory plays from Micron and Seagate Technology, is off 14% in October, while the iShares A.I. Innovation and Tech Active ETF (BAI) is down 10%. As traders prepare to wrap up the month, the Nasdaq Composite is heading for a 2.5% fall. The S&P 500 is on track for a 0.9% advance, while the Dow is on pace to rise 2.8%. The 10-year U.S. Treasury yield hovered below 5% Thursday following the latest inflation data and a strong reading on economic growth. The yield on the 10-year Treasury—used as a benchmark for borrowing costs ranging from mortgages to credit cards—was more than 8 basis points lower at 4.964%. The 2-year Treasury yield, which more closely tracks short-term Federal Reserve policy, lost more than 10 basis points to trade at 4.629%, while the yield on the 30-year Treasury was down by more than 5 basis points at 5.31%. In Asia on Friday, Japan’s Nikkei 225 closed 2.12% lower. South Korea’s Kospi fell 3.48%. Australia’s benchmark S&P/ASX 200 rose 0.18%. Mainland China’s CSI 300 closed 1.39% lower. Oil prices rose on Friday—set for a fourth monthly gain—as an attack on ​a tanker in the Strait of ​Hormuz highlighted the continuing supply ​risks from the US-Israeli war on Iran, which has entered its eighth month. Brent crude futures for December, which expire on Friday, advanced $2.50, or 2.2%, to $117.38 a barrel. The more-active January contract gained $1.39 to $112.19. US West Texas ⁠Intermediate (WTI) ‌crude futures climbed $2.04, or 2.2%, to $104.09. For the month, Brent was on ⁠course to finish 13% higher, while WTI was heading for a 15% jump. Gold prices ​fell to their lowest since ​mid-July on Friday ​and were headed for a second straight monthly decline, as rising crude oil prices and persistent inflation worries reinforced expectations of further US interest rate hikes. Spot gold was down ⁠0.6% ‌at $3,995.42 per ounce after ⁠hitting its lowest since July 17 earlier. US gold futures for December delivery dropped 0.6% to $4,005.50. Bullion has declined 3.8% so far this month. “Gold prices are affected by a combination of ‌two factors: the US GDP data which came in stronger than expected, and the increase in oil prices putting pressure on the Fed ​to hike further interest rates,” said Giovanni Staunovo, a UBS analyst.