Thursday, Oct. 29, 2026 · Market close
Software and search had a brutal Thursday, October 29, 2026. Alphabet lost 13% after its earnings revived worries that AI spending is outrunning returns, ServiceNow collapsed 27% and Fortinet 22%, dragging the Nasdaq down 1.55%. Yet this was a rotation, not a rout: the S&P 500 slipped only 0.39%, healthcare hit a record led by Eli Lilly (+6.7%), and Carvana jumped 15.8% on record sales. For index-fund investors, diversification did its job.
Top gainer: Carvana (+15.8%) on record unit sales. Top decliner: ServiceNow (−27.1%) on a disappointing outlook. Alphabet (−13%) led a software and AI sell-off; healthcare and consumer names rallied. Q3 GDP grew 3.4% and core PCE rose to 3.1%. Amazon and Intel report after the bell.
Biggest gainers
- Carvana (+15.8%): record 217,385 retail units (+39%) and revenue up 42% to $8.04 billion.
- Eli Lilly (+6.7%): led healthcare to a record after its quarterly report; Merck rose 4.1%.
- Chipotle (+8.8%): rebounded after earnings despite cost pressure.
- Mastercard (+4.3%): results pointed to a still-resilient U.S. consumer.
The charts and screeners behind our market coverage. Create a free account; if you later choose a paid plan you get a $15 discount.
Open TradingView → · Affiliate linkBiggest decliners
- ServiceNow (−27.1%): guidance fell short of lofty expectations, sparking a software-wide sell-off.
- Fortinet (−21.8%): raised its 2026 revenue outlook but cut its services forecast.
- Alphabet (−13.0%): search revenue growth slowed to 12% from 17%; free cash flow was −$9.1 billion.
- Caterpillar (−9.7%) and Marvell (−13.9%) also slid.
The Magnificent Seven
Microsoft gave back an early post-earnings pop to finish down 0.5% despite Azure growth of 48%, a sign that even strong results could not escape the software sell-off.
Fundamentals, charts, valuation and side-by-side comparisons of stocks, ETFs and funds worldwide, including Colombian ADRs. There is a free plan to start.
Try Koyfin → · Affiliate linkWhat it means for your 401(k)
| If you own… | Thursday’s signal |
|---|---|
| S&P 500 index funds | Down less than 0.5%: diversification cushioned a sharp tech sell-off |
| Nasdaq/tech-heavy funds | Down about 1.5%; Alphabet’s weight hurt |
| Healthcare funds | Record day led by Lilly |
| Software/cybersecurity ETFs | Hit hard by ServiceNow and Fortinet |
| Bonds and savings | Hot GDP and inflation keep yields near 5% |
Critical take
The market is drawing a sharp line between AI spending that already pays and spending that still asks for patience. Alphabet’s slower search growth and negative free cash flow put it on the wrong side, and the reaction to ServiceNow and Fortinet shows how little room high valuations leave for soft guidance. The broader picture is rotation: money moved into healthcare, consumer and small caps rather than leaving stocks. With GDP at 3.4% and core PCE at 3.1%, a December Fed hike stays on the table, a headwind for richly valued growth stocks.
What to watch Friday, Oct. 30
- Reaction to Amazon and Intel earnings tonight.
- ExxonMobil and Chevron report with oil near $103.
- Colombia’s central bank decides rates (a 25-basis-point hike is expected).
Sources: TradingView (close, delayed data), StockTitan, Seeking Alpha, TradingKey, BEA via IndexBox. Data for Thursday, Oct. 29, 2026.
Affiliate disclosure: some links on this page are affiliate links. If you sign up or subscribe through them, Bolsa al Día may earn a commission at no extra cost to you. This never affects our analysis. Learn more.
Leave a Reply