Nasdaq 100 futures fell 0.93% as Alphabet dropped 10.47% before the open after quarterly results.
CAMS Morning Market Brief.
Thursday, October 29, 2026.
Good morning.
Nasdaq 100 futures fell 0.93% as Alphabet dropped 10.47% before the open after quarterly results.
S and P 500 futures slipped 0.20%, while Dow futures gained 0.57%.
Microsoft rose 2.72% before the open after reporting Azure revenue growth of 48%.
Alphabet reported 25% revenue growth and 103% growth at Google Cloud.
Still, Alphabet's negative free cash flow and heavy spending drew a sharp market response.
Wednesday's regular session had ended higher before the two reports.
The S and P 500 rose 0.28%, the Nasdaq added 0.27%, and semiconductors gained 1.74%.
Six of 11 sector funds advanced, but S P Y and Q Q Q volume stayed below recent averages.
The Federal Reserve held rates at 3.75% to 4.00% Wednesday, with two dissenters preferring an increase.
The 10-year Treasury yield was near 5% before sunrise.
W T I crude traded near $101 a barrel as diplomacy hopes eased some Middle East supply concern.
Reuters said Iran's Revolutionary Guards reported three tankers hit sea mines south of the Strait of Hormuz.
The report did not establish a closure of the Strait or a sustained interruption to oil flows.
At eight thirty A M Eastern, B E A releases its first third-quarter G D P estimate and September income, spending and P C E data.
Amazon and Intel report after the close.
The opening test is whether the Alphabet selloff stays concentrated or spreads across cloud, chips and the broader index.
Market analysis, not personalized investment advice.
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