The Nasdaq was down 1.16% as Alphabet fell 11.83% after earnings.
CAMS Midday Market Check.
Thursday, October 29, 2026.
Good afternoon.
The Nasdaq was down 1.16% as Alphabet fell 11.83% after earnings.
The selling was concentrated rather than uniform.
The S and P 500 was down 0.29%, and the Dow was down 0.33%.
The Russell 2000 was up 1.31%.
Health care led sector funds with a 2.08% gain, while communication services fell 1.56%.
Alphabet's drop followed quarterly results that showed 25% revenue growth and 103% Google Cloud growth.
The market focused instead on spending and cash flow.
ServiceNow fell 25.54%, and Marvell lost 11.63%.
Eli Lilly rose 6.15%, one example of strength outside technology.
B E A reported third-quarter real G D P growth of 3.4% at an annual rate.
Quarterly core P C E inflation slowed to 2.5%, but September core P C E was still up 3.1% from a year earlier.
The 10-year Treasury yield stayed near 5%.
W T I crude traded near $100 a barrel amid reports of three tankers hitting sea mines south of the Strait of Hormuz.
Those reports did not establish a Strait closure or a sustained interruption to oil flows.
Amazon and Intel report after the close.
The afternoon test is whether losses stay concentrated in communications and technology while gains elsewhere hold.
Market analysis, not personalized investment advice.
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