30th October 2026 – (New York) Stocks came under pressure on Thursday, with the Nasdaq Composite down 1.38 per cent to 26,184.72, the S&P 500 slipping 0.3 per cent to 7,720.39 and the Dow Jones Industrial Average losing 132.54 points, or 0.25 per cent, to 52,342.56. Sentiment was dented by a sharp post‑earnings fall in Alphabet, which missed expectations on adjusted profit and revenue for the third quarter and reported negative free cash flow of 9.07 billion US dollars, even as it kept full‑year capital expenditure guidance at 195 to 205 billion US dollars.
Microsoft reversed early gains to finish marginally lower despite beating forecasts on revenue and earnings, aided by growth in its Azure cloud business. Caterpillar slid more than 9 per cent after sales in its construction industries unit came in slightly below estimates, overshadowing stronger‑than‑expected headline figures. The weakness spread across AI‑linked trades: the iShares Semiconductor ETF fell over 1 per cent, the Roundhill Memory ETF dropped more than 4 per cent, and so‑called “neocloud” names retreated as Microsoft’s lower‑than‑expected capital spending outlook suggested a slower rollout of data‑centre capacity, with CoreWeave down about 5 per cent and Nebius off more than 5 per cent.
Investors also weighed the policy backdrop after the Federal Reserve left interest rates unchanged on Wednesday, keeping the target range at 3.75 to 4 per cent. Policymakers noted inflation remains elevated and signalled they would await further data before taking additional steps. On Thursday, the personal consumption expenditures price index showed price growth accelerated in September, with the monthly figure in line with forecasts and the annual rate just under Wall Street expectations, keeping the path of inflation and policy firmly in focus.
Market breadth was mixed through the afternoon, with seven of the S&P 500’s 11 sectors higher at one point, led by real estate and healthcare, both up close to two per cent, while communication services and information technology lagged. “We are in a better, more stable place in October heading into November for the tech trade than we were in August and September, but investors are becoming much more selective,” said Art Hogan, chief market strategist at B. Riley Wealth Management, noting that stock‑specific announcements continue to move the tape.
