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2026-10-29

Tech selloff hits Nasdaq as Alphabet plunges; small caps and defensives rise

Stock Heatmap
Size = market cap (square-root scaled within sectors) · Color = day's change · Click a sector name to zoom, a tile to open the stock
Zoom into Information TechnologyInformation TechnologyNVDA-0.8%AAPL+1.5%MSFT-0.2%AVGO-1.9%MU-5.0%AMD-2.1%INTC-3.6%PLTR-0.2%ORCL-3.5%CSCO-1.5%AMAT+1.4%PANW-3.5%LRCX+0.2%DELL-3.7%TXN+1.0%CRWD-2.1%IBM+2.0%ANET-1.3%MRVL-13.2%SHOP-0.8%ADI+1.2%KLAC+5.5%SNDK-5.3%APH+1.4%CRM-4.6%QCOM+1.3%STX+0.4%NOW-26.9%ACN+1.6%WDC-0.3%FTNT-20.1%GLW-1.8%DDOG-4.5%ADBE-0.7%CDNS+0.1%SNPS+1.7%INTULITEHPEMSITELNXPIMSTRMPWRKEYSALABCIENADSKWDAYTERCOHRZoom into Communication ServicesCommunication ServicesGOOGL-12.6%GOOG-12.3%META+2.0%NFLX+0.1%DIS+1.7%VZ+1.1%TMUS-0.5%TAPPCMCSALYVTTWONWSSKYDZoom into FinancialsFinancialsBRK.B+0.3%JPM+1.3%V+2.5%MA+4.2%BAC+0.6%MSGSZoom into IndustrialsIndustrialsSPCX-0.9%Zoom into Consumer DiscretionaryConsumer DiscretionaryAMZN-4.3%TSLA-0.2%HDMCDTJXSBUXLOWBKNGMARABNBMELIZoom into Health CareHealth CareLLY+6.6%JNJ+1.5%ABBVUNHMRKTMOAMGNZoom into Consumer StaplesConsumer StaplesWMT+2.1%COSTKOZoom into EnergyEnergyXOM+0.7%CVXCOPZoom into UtilitiesUtilitiesZoom into Real EstateReal EstateZoom into MaterialsMaterials
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Market Summary

Market & SentimentThe Nasdaq 100 fell 1.4% while the Russell 2000 gained 1.0%, a sharp rotation out of large-cap tech. Breadth was strong with 404 advancers against 104 decliners, and 62.9% of stocks above their 50-day average. The market temperature score of 75 (hot) reflects underlying strength despite tech weakness. Communication services plunged 8.7%, while health care and real estate led.

Sectors & StocksAlphabet (GOOGL) sank 12.6% after its earnings, dragging communication services down 8.7% and the Nasdaq lower. ServiceNow (NOW) and Fortinet (FTNT) plunged 27% and 20% on disappointing results. Marvell (MRVL) fell 13% on concerns over a potential optics deal. Carvana (CVNA) soared 15.7% on record sales, Eli Lilly (LLY) rose 6.6% on strong volume growth, and DoorDash (DASH) gained 5.6%.

Rates, FX & CryptoTreasury yields fell across the curve, with the 10-year down 7 bp to 4.98% and the 2-year down 6 bp to 4.61%, steepening the 2s10s spread to 37 bp. The dollar was little changed against the yuan and euro. Crypto sold off sharply: Bitcoin dropped 4.4% to $77,672 and Ethereum fell 4.7% to $2,247.

Earnings & AnnouncementsCarvana (CVNA) jumped 15.7% on record quarterly sales and strong EBITDA guidance. Eli Lilly (LLY) rose 6.6% after a 39% revenue increase and a $5.5 billion guidance raise. Howmet (HWM) gained 5.5% on 29% revenue growth and a $5 billion buyback. KLA (KLAC) added 5.5% on an earnings beat and strong guidance. FinDog moved Old Dominion (ODFL) from Neutral to Bullish and Smurfit Westrock (SW) from Bearish to Neutral.

What to Watch Next Trading Day
  • Amazon earnings after the bell; AI spending in focus
  • Exxon and Chevron report Q3 results before the open
  • AbbVie, Colgate, and Regeneron earnings due Friday
  • Treasury yield moves after sharp decline
  • Crypto weakness continues; Bitcoin below $78k
Top News
  1. Alphabet earnings spark tech selloff; Nasdaq drops
    Alphabet shares plunged 12% after its quarterly report, dragging the Nasdaq lower as investors questioned AI spending and growth. The selloff highlights sensitivity to big tech earnings.
    GOOGLGOOGYahoo10-29 19:38 UTC
  2. Eli Lilly beats on volume growth, raises guidance
    Eli Lilly reported 39% revenue growth driven by a 53% volume increase, despite a 15% price decline, and lifted full-year guidance by $5.5 billion. The results underscore strong demand for its drugs.
    LLYYahoo10-29 19:42 UTC
  3. Carvana posts record quarter, shares surge 9%
    Carvana reported record retail sales of 217,385 units, up 39%, and guided full-year EBITDA toward the high end. The strong results suggest improving execution in the used-car market.
    CVNAYahoo10-29 18:56 UTC
  4. KLA beats estimates, guides higher on AI demand
    KLA reported better-than-expected revenue and earnings and issued above-consensus guidance, citing AI-driven demand for wafer inspection. The results signal continued strength in semiconductor equipment.
    KLACYahoo10-29 19:22 UTC
  5. Howmet raises outlook, authorizes $5 billion buyback
    Howmet Aerospace reported 29% revenue growth, raised its full-year outlook, and announced a $5 billion share repurchase. The move reflects confidence in aerospace demand.
    HWMYahoo10-29 15:36 UTC
  6. ServiceNow struggles despite strong Q3 AI growth
    ServiceNow reported strong quarterly results with AI momentum, but the stock fell sharply as investors worried about growth inflection. The reaction shows high expectations for software names.
    NOWYahoo10-29 18:04 UTC
  7. Marvell falls on concerns over optics deal cost
    Marvell is reportedly close to a large optics acquisition, but investors worried about the potential cost to shareholders. The stock dropped 13% on the news.
    MRVLYahoo10-29 19:06 UTC
  8. Fortinet Q3 shows slowdown, BofA says
    Fortinet's third-quarter results indicated a slowdown in key metrics, suggesting Q2 may have been an anomaly. The stock fell 20% as investors reassessed growth prospects.
    FTNTYahoo10-29 15:27 UTC
  9. Microsoft plans $25 billion bond offering
    Microsoft plans to raise at least $25 billion through a US bond offering, according to a filing. The move could support its AI investments and general corporate purposes.
    MSFTYahoo10-29 18:04 UTC
  10. Oil falls as diplomacy hopes outweigh Middle East fears
    Oil prices declined as hopes for diplomacy outweighed concerns about Middle East escalation. The move could ease energy costs but signals geopolitical risk remains.
    Reuters10-29 00:28 UTC

Stories are selected and summarized by AI from the day's news coverage. Click a headline to read the original. Not investment advice.

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