Tech scare trade hits Nasdaq futures while crypto reels from its

Hello, this is Leonie Kidd with today’s edition of Morning Squawk.

It’s a Friday fright for markets before Halloween has even gotten underway. 

Tech is taking another beating, dragged down by more earnings disappointment from Amazon and Intel. 

But the real scare of the day? The biggest heist in crypto history. Binance is reeling from a hack that is impacting an unprecedented $6.3 billion, with fingers pointing at a state-backed actor. 

Friday looks set to be the worst session of the week for the Nasdaq. Huge declines for some of the biggest names in tech have compounded through the week, pushing the index deep into the red.  

Let’s start with Amazon. 

A double miss on both EPS and revenue overshadowed the fastest growth for AWS in five years. Shares are deepening their after-hours losses, trading down over 7% premarket. 

• Shareholder view: Blue Line Capital’s Bill Baruch told “Closing Bell” that Amazon’s capex is the elephant in the room, but that the stock still has a lot of technical support. 
• More warning signs: Maxim Group’s Tom Forte warned the challenging macro environment for consumers is a negative indicator for Amazon going into the fourth quarter. 

Intel was an even bigger shock to investors. 

Shares are plunging 25% in premarket trading after the chipmaker issued weaker guidance for the fourth quarter, warning of continued softness in the PC market. 

• The executive view: Intel CFO David Zisner said “we see the PC slowdown continuing at least through the first half of next year.” 
• The backdrop: Intel’s stock has been on an upward tear, up about 150% so far this year prior to the earnings report, although it’s down roughly 23% in October over growing concern over the size of the artificial intelligence buildout. 

Binance has been hit by the biggest-ever crypto hack. 

In the early hours, the world’s largest crypto exchange revealed that a security incident had impacted $6.3 billion in assets. 

Here is what we know so far: 

• Co-CEO Richard Teng took to X.com to say an initial investigation suggests a compromised DevOps engineer’s laptop is the source of the hack. 
• He also promised, “your money is safe, and we’re covering every loss.”
• He did not attribute responsibility to any individual. 
• Binance has frozen $3 billion, Circle froze $800 million and Tether froze $1.56 billion related to the hack. 

What we don’t know: 

• There is widespread speculation that this is a state-backed hack, with fingers already pointing to North Korea. In 2025, the FBI determined that North Korea was responsible for the $1.5 billion heist on ByBit, which was the largest crypto hack – until now. 
• CNBC’s Arjun Kharpal reported that hackers have been…