Today’s Market Recap: PCE Inflation Rises to 3.6%, Alphabet Plunges 12.6% Dragging Down Nasdaq, Amazon and Intel Weaken
On October 29 Eastern Time, US stock indices retreated as Alphabet's sharp drop pressured tech stocks amid AI spending concerns, though broader market breadth remained resilient. The Dow fell 0.25%, the S&P 500 lost 0.30%, and the Nasdaq dropped 1.38%. Alphabet plummeted 12.64% after quarterly capex exceeded $51 billion with negative free cash flow. Meanwhile, US Q3 real GDP grew at an annualized rate of 3.4%, and September headline PCE inflation rose 3.6% year-over-year. Amazon reported 39.3% AWS revenue growth, while Intel posted 21% revenue growth alongside weak Q4 guidance. Commodities saw gold decline while crude oil gained.
Tracking Market Trends
TradingKey - On Oct. 29 Eastern Time, the three major U.S. stock indices pulled back across the board. Google parent Alphabet (GOOGL) fell sharply post-earnings, dragging down tech stocks as the market reassessed heavy spending on AI infrastructure and cash flow pressure; however, about 80% of S&P 500 components still closed higher, indicating that the sell-off was mainly concentrated in mega-cap tech stocks.
The Dow Jones Industrial Average fell 0.25% to close at 52,348.24 points; the S&P 500 Index dropped 0.30% to close at 7,720.39 points; the Nasdaq Composite Index fell 1.38% to close at 26,184.72 points.
Among individual stocks, Google parent Alphabet fell 12.64%, recording its worst single-day performance since listing. Its quarterly capital expenditures exceeded $51 billion and free cash flow turned negative, heightening market concerns over the return cycle for AI investments. Amazon (AMZN) and Intel (INTC), which reported earnings after the bell, also weakened.
In commodities, gold prices (XAUUSD) fell 1.15% to close at $4,021.52; Brent crude (UKOIL) rose 0.76% to close at $111.59; WTI crude (USOIL) gained 0.88% to close at $102.85.
In cryptocurrencies, as of the Asian trading session on Oct. 30, Bitcoin (BTC) was trading at around $77,000, down about 1.2%, falling below $80,000 once again.
Market News
U.S. Q3 GDP grew at an annualized rate of 3.4%. Advance estimates released by the U.S. Bureau of Economic Analysis showed that real GDP grew at an annualized rate of 3.4% in the third quarter, higher than the 2.2% in the second quarter. Investment, consumption, and government spending were the main drivers, while declining exports posed a partial drag.
U.S. September PCE inflation rose to 3.6%. In September, the PCE price index rose 0.5% month-over-month and 3.6% year-over-year; core PCE rose 0.3% month-over-month and 3.1% year-over-year. Over the same period, personal consumption expenditures increased 0.5% month-over-month, while real consumption expenditures were virtually flat.
Amazon AWS revenue grew 39.3%, with capital expenditures remaining high. Amazon's third-quarter net sales grew 12% to $201.9 billion, AWS revenue increased 39.3% to $46 billion, and operating profit rose to $28.1 billion. The company expects cash capital expenditures in 2026 to be approximately $220 billion, with trailing 12-month free cash flow showing an outflow of $42.4 billion.
Intel's third-quarter revenue grew 21%, but fourth-quarter guidance was weak. Intel's third-quarter revenue was $16.5 billion, up 21% year-over-year; Data Center and AI revenue was $7.3 billion, up 78% year-over-year. The company expects fourth-quarter revenue of $15 billion to $16 billion, with non-GAAP earnings per share of $0.25.
Top 10 Most Active Stocks
The table below lists the ten most actively traded stocks in the market. Backed by massive trading volume and exceptional liquidity, these assets have become key benchmarks for tracking global market dynamics.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
Recommended Articles
Comments (0)
Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.