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Fed hike calls, 2.86% Nasdaq drop close the week

How Friday closed the week: Fed calls for more hikes, a steep fall in Intel shares, a refining-led Exxon quarter and lower yields.

LIVE NEWS · New Street Desk · · Updated

New Street Street Lights card for Oct. 31, 2026, published 1:45 p.m. ET with an 8:31 a.m. ET cutoff. Headline: Fed hike calls, 2.86% Nasdaq drop close the week. Subtitle: How Friday closed the week: Fed calls for more hikes, a steep fall in Intel shares, a refining-led Exxon quarter and lower yields. Key points: Fed officials Musalem and Logan called for more rate hikes; Logan wants at least two more; The Nasdaq Composite fell 2.86% to 25,437.00 on Friday; Intel closed down 28.58% at $65.76; Intel's data center revenue rose 78% last quarter; client computing fell 5%; Exxon's Energy Products unit earned $9.1 billion adjusted, topping Upstream's $7.3 billion. A week-ahead watchlist lists the U.S. midterm general elections on Tuesday, Nov. 3, September trade data at 8:30 a.m. on Wednesday, Nov. 4, and the October jobs report at 8:30 a.m. on Friday, Nov. 6. The New Street View says Intel's data center growth shows real demand and the question is whether margins follow; its limitation notes that Musalem and Logan spoke for themselves, not the FOMC.

Key figure: Nasdaq Composite, Oct. 30: 25,437.00, -2.86% vs. Oct. 29. Source: Nasdaq.

Key points

  • Fed officials Musalem and Logan called for more rate hikes; Logan wants at least two more.[1][2]
  • The Nasdaq Composite fell 2.86% to 25,437.00 on Friday; Intel closed down 28.58% at $65.76.[3][4]
  • Intel’s data center revenue rose 78% last quarter; client computing fell 5%.[6]
  • Exxon’s Energy Products unit earned $9.1 billion adjusted, topping Upstream’s $7.3 billion.[7]

Story 1 of 4

Two Fed presidents call for more rate hikes

Macroeconomics & Policy

St. Louis Fed President Alberto Musalem said on Friday that “additional firming of monetary policy will be necessary, and soon.” Dallas Fed President Lorie Logan, who voted this week to hold the target range at 3.75% to 4%, said the Fed needs “at least two more 25-basis-point rate increases.”[1][2]

Why it matters: Logan put the range at least 50 basis points below a modestly restrictive level; the Fed raised rates by 25 basis points in September.

Story 2 of 4

The Nasdaq falls 2.86%; Intel loses 28.58%

Markets & Finance

The Nasdaq Composite fell 2.86% to 25,437.00 on Friday, and Intel closed at $65.76, down 28.58%, Nasdaq data show. The S&P 500 fell 1.82% to 7,580.07, CNBC reported. The 10-year Treasury par yield slipped to 4.94% from 4.98%.[3][4][5][8]

Why it matters: Slightly lower yields ease some borrowing costs; price moves alone do not show what drove them.

Story 3 of 4

Intel's data center sales jump 78%; PC weakness persists

AI & Technology

Intel’s Data Center and AI revenue rose 78% to $7.3 billion in the third quarter, while its Client Computing and Physical AI Group’s fell 5% to $8.1 billion. Its finance chief sees “the PC slowdown continuing at least through the first half of next year.”[6]

Why it matters: Intel guided its fourth-quarter non-GAAP gross margin to 38.0%, 6.1 percentage points below the third quarter’s 44.1%.

Story 4 of 4

Exxon's refining unit out-earns its oil fields

Business & Corporate

Exxon Mobil reported third-quarter earnings of $15.4 billion, or $17.5 billion adjusted. Adjusted earnings at Energy Products, its refining and fuels business, more than doubled from the second quarter to $9.1 billion on higher margins. Upstream’s fell to $7.3 billion on lower prices and accelerated Guyana entitlement impact.[7]

Why it matters: Energy Products supplied about 52% of adjusted earnings, a larger share than oil and gas production.

Exhibit 1. Treasury par yields slipped on Friday Percent; daily par yield curve rates at close, Oct. 29 and Oct. 30, 2026

Tenor Oct. 29 Oct. 30 Change
3-month 4.18% 4.16% -2 bp
2-year 4.61% 4.56% -5 bp
10-year 4.98% 4.94% -4 bp
30-year 5.32% 5.31% -1 bp

Source: U.S. Treasury, daily par yield curve rates. Table: New Street.

Week ahead (ET)

  • All day: Tue., Nov. 3: U.S. midterm general elections[9]
  • 8:30 a.m.: Wed., Nov. 4: U.S. trade in goods and services, September[10]
  • 8:30 a.m.: Fri., Nov. 6: October jobs report (Employment Situation)[11]

New Street View

Two pressures met on Friday: Fed officials pointing to higher rates and a sharp markdown in Intel shares. Higher rates would raise the cost of funding AI build-outs. Intel’s data center growth shows real demand; the question is whether margins follow.

Limitation: Musalem and Logan spoke for themselves, not the FOMC, and one session does not set a trend.

Notes

  • Information cutoff 8:31 a.m. ET, Oct. 31, 2026. Sources first accessed Oct. 30, 2026, 7:10 to 7:16 p.m. ET.
  • Questions or corrections: [email protected].

Sources

  1. Remarks on the U.S. Economy and Monetary Policy (Musalem). Federal Reserve Bank of St. Louis. Accessed .
  2. Remarks to Davidson College students (Logan). Federal Reserve Bank of Dallas. Accessed .
  3. Nasdaq Composite Index (COMP), close. Nasdaq. Accessed .
  4. INTC quote, regular-session close. Nasdaq. Accessed .
  5. Stock market today: Live updates. CNBC. Accessed .
  6. Intel Reports Third-Quarter 2026 Financial Results. Intel. Accessed .
  7. ExxonMobil Announces Third-Quarter 2026 Results. ExxonMobil. Accessed .
  8. Daily Treasury Par Yield Curve Rates. U.S. Department of the Treasury. Accessed .
  9. Election Day: Frequently Asked Questions (R46413). Congressional Research Service. Accessed .
  10. Release Schedule. Bureau of Economic Analysis. Accessed .
  11. Schedule of Releases for the Employment Situation. U.S. Bureau of Labor Statistics. Accessed .

Corrections

No corrections have been made to this article. Spotted an error? See our corrections policy.

Tags: Federal Reserve, Interest rates, Intel, Nasdaq, ExxonMobil, Treasury yields

How to cite: New Street Desk, "Fed hike calls, 2.86% Nasdaq drop close the week," New Street, Oct. 31, 2026, https://newstreet.xyz/articles/street-lights-2026-10-31/. Updated Oct. 31, 2026.

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