🔴 Updated Thursday, Oct. 29, 2026, 10:10 a.m. ET · Refreshed every trading day
- Nasdaq down about 1.5% as Alphabet sinks roughly 13% after earnings.
- The economy ran hot: Q3 GDP grew 3.4%; core PCE inflation rose to 3.1%.
- Winners: Eli Lilly (+8%), Merck (+5%) and Mastercard (+5%) after results.
- Tonight: Amazon, Intel, Coinbase and Sandisk report after the bell.
Thursday, October 29, 2026 is delivering the volatility we flagged. Big Tech earnings split the market: Microsoft beat on nearly every line, with Azure growing 48%, but Alphabet is down about 13% after a quarter investors read as costly. At 8:30 a.m. ET, the economy surprised on the strong side: GDP grew 3.4% in the third quarter and core PCE inflation ticked up to 3.1%, data that keeps a December Fed hike in play. For anyone with a 401(k) tied to the S&P 500, today is a reminder of how much a handful of tech giants drives the index.
Big Tech report card
| Microsoft | Alphabet | |
|---|---|---|
| Headline | Beat on revenue and EPS | Shares down ~13% after results |
| Revenue | $92.3B (+19%) vs. ~$90.6B est. | Investors focused on costs |
| EPS | $4.89 vs. $4.73 est. | — |
| Cloud | Azure +48% | Google Cloud growth strong, but spending weighed |
| Capex / cash | Capex $45.2B, below ~$50B; free cash flow $18.6B | Negative free cash flow reported |
| Guidance | Q2 revenue $96.0–97.1B; Azure 49%–50% | — |
The contrast is the story: Microsoft showed AI spending converting into revenue and cash, while Alphabet showed the bill. Markets are now rewarding proof of returns and punishing heavy spending without it.
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Open TradingView → · Affiliate linkThe data: GDP 3.4%, core PCE 3.1%
Strong growth plus sticky inflation is not what rate-cut hopes need. After two Fed officials voted to hike on Wednesday, this combination supports the case for higher-for-longer rates, which helps explain pressure on long-duration tech stocks.
Earnings today
| Company | When | Consensus EPS | Early reaction / focus |
|---|---|---|---|
| Eli Lilly | Before open | — | ≈ +8% on results |
| Merck | Before open | $2.09 | ≈ +5% |
| Mastercard | Before open | $5.17 | ≈ +5%; consumer spending |
| Caterpillar | Before open | $7.04 | ≈ −8% |
| Amazon | After close | $1.97 | AWS growth and capex |
| Intel | After close | $0.40 | Margins, foundry |
| Sandisk | After close | $46.61 | Memory pricing |
| Coinbase | After close | −$0.23 | Crypto trading revenue |
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Try Koyfin → · Affiliate linkWhat it means for your portfolio
| If you own… | Today’s signal |
|---|---|
| S&P 500 index funds | Mild dip; Alphabet’s weight drags the index |
| Nasdaq/tech funds | Bigger hit; the AI trade is splitting into winners and spenders |
| Healthcare | Strong day led by Lilly and Merck |
| Bonds and savings | Hot data keeps yields near 5% and savings rates high |
| Mortgage plans | Rates unlikely to ease soon |
Our take
Thursday confirms that the AI trade is no longer one trade. Investors are separating companies whose spending already pays off from those still asking for patience. Add a hot economy and sticky inflation, and the market has less room for disappointment. Amazon tonight is the next test: strong AWS growth with disciplined spending would echo Microsoft; a heavy capex bill would echo Alphabet.
Next
- Our full Wall Street close after 4 p.m. ET.
- Friday: ExxonMobil and Chevron report; Colombia’s central bank decides rates. See the Colombia outlook.
FAQ
Why is the stock market down today, Oct. 29, 2026?
The Nasdaq is lower mainly because Alphabet fell about 13% after earnings, while hot GDP and inflation data kept Fed hike worries alive.
How did Microsoft earnings do?
Microsoft beat with $92.3 billion in revenue and $4.89 adjusted EPS; Azure grew 48%.
What was the PCE inflation reading?
Core PCE rose to 3.1% year over year in September.
How fast did the U.S. economy grow in Q3 2026?
3.4% annualized in the advance estimate.
Who reports earnings after the close today?
Amazon, Intel, Coinbase and Sandisk.
Sources: TradingView (intraday, delayed), TradingKey (Microsoft results), IndexBox/BEA (GDP), FX Tribune (PCE), TheStreet (estimates). Intraday figures change through the session. Bolsa al Día informs; we do not tell you what to do.
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