Stocks Suffer Steep Losses as AI Rotation Spooks Investors

Investors are getting a scare before Halloween, with the Nasdaq Composite (IXIC) down 593 points midday. Amazon.com (AMZN) and Intel (INTC) earnings are the culprits, as the AI rotation begins again, with cashflow concerns denting sentiment. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are down triple digits as well, the latter heading for its worst day since June 5.  All three major indexes are on track for weekly losses, while only the Dow is looking to wrap up October with a monthly win.

Continue reading for more on today's market, including:

• Reddit's earnings bloodbath:what just happened?
• 2 energy stocks staying higher today.
• Plus, BTC bears move in on GLXY; smooth sailing for FDX; and cloud stocks sink. 

Galaxy Digital Inc (NASDAQ:GLXY) stock is getting attention from options traders today. Nearly 100,000 contracts have changed hands, volume that's almost quadruple the average intraday amount. The weekly 11/6 13-strike put leads the way. Galaxy stock is down 7.6% to trade at $16.75, the cryptocurrency-driven fintech taking a hit as Bitcoin (BTC) pulls back. GLXY is now down 25% on the year, and is back near its Oct. 26, 52-week low of $14.18. 

FedEx Corp (NYSE:FDX) is at the top of the New York Stock Exchange today, up 2.8% to trade at $316.36. Yesterday, the logistics empire reported a top-line beat for the third quarter and hiked its full-year guidance, while also lifting its free cash flow targets. Today, Stifel and Stephens hiked their price targets to $330 and $360, respectively. FDX is heading for its best week since early February, and is now 35% higher year to date.

Datadog Inc (NASDAQ:DDOG) stock is near the bottom of the crowded tech pile today, down 10.4% to trade at $238.30. Amazon's cash-burn concerns sent the cloud sector sharply lower today, though Datadog stock is still 76.5% higher in 2026. Today's selloff is testing the stock's 126-day moving average, a trendline that contained a pullback in September.