U.S. stocks fell sharply on the last trading day of October, with the S&P 500 down more than 2% and the Nasdaq down over 3.5% as the market continued to push back on AI-related tech names. Intel plunged over 30% after a disappointing outlook, and Sandisk fell 15% after underwhelming earnings. Amazon, Alphabet and Microsoft also dropped after their reports; the author sees the Amazon and Microsoft declines as less warranted, though investor appetite for capital-intensive AI spending appears to be waning. Jim Cramer said the Amazon dip is buyable and kept Amazon at a 1 rating, while Microsoft is nearing an upgrade to a buy-equivalent 1 if its slide continues and Alphabet stays at hold-equivalent 2. Healthcare stocks outperformed this week, led by Eli Lilly at a new all-time high, and the team still wants to add to its Boeing position; more than 100 S&P 500 companies report this week, October nonfarm payrolls are expected to add 72,500 jobs, and the midterms are on Tuesday.
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/29/2026 | 213.72 |
| Change that session | -0.77% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/29/2026 | 715.33 |
| Change that session | -1.42% |
AAPL
▼ Likely negativeApple Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 10/29/2026 | 348.94 |
| Change that session | +1.49% |
AMZN
▼ Likely negativeAmazon
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/29/2026 | 244.23 |
| Change that session | -4.07% |
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: medium
| 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% |
META
▼ Likely negativeMeta Platforms
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.7T |
| Close on 10/29/2026 | 624.54 |
| Change that session | +1.97% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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