Stocks fell on Thursday, ending a three-day winning streak, with the Dow down 0.29%, the S&P 500 down 0.32%, and the Nasdaq Composite down 1.40%. Alphabet dropped more than 12%, its worst post-earnings slump since going public over 20 years ago, wiping out some $500 billion in market value after reporting negative free cash flow of $9.07 billion for the third quarter, far below the $2.70 billion analysts expected. The company kept its capex guidance for next year at $195 billion to $205 billion, while facing competition from OpenAI and Anthropic as users take queries outside Google. Odds of a December Fed rate hike slipped to 79.6% from 84.2% after the PCE price index rose 0.5% last month and 3.6% annually, according to CME Group's FedWatch tool.
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Related tickers and likely impact
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/29/2026 | 283.75 |
| Change that session | -12.66% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/29/2026 | 715.33 |
| Change that session | -1.42% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/29/2026 | 769.53 |
| Change that session | -0.36% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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Producer prices rose 1.3% last month and 6.3% year over year, the largest 12-month increase since 2022, well above economists' forecasts of 0.6% and 5.5%. Excluding food, energy and trade, the monthly PPI rose 0.5% and the annual rate was 5%, with gasoline prices up 20.3% and chicken egg prices down 39.7%. Stocks still rose, with the Nasdaq Composite up 0.08%, the S&P 500 up 0.33% and the Dow up 1.08% as investors rotated out of the AI trade. Odds of a Fed rate hike fell to 27.1% according to CME Group's FedWatch tool. Investors had also trimmed tech positions over AI overspending and a memory chip glut, while Anthropic reported $16.8 billion in third-quarter revenue, up about 45% from $11.6 billion in the second quarter, and adjusted profitability for a second straight quarter.
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