2026-10-29 · Alphabet sinks the index, not the market
The indexes fell on Alphabet's revenue miss and AI-spending jitters, yet about four in five S&P 500 stocks rose as money rotated out of tech.
The Signal
The Nasdaq fell the most and the S&P 500 and Dow slipped, but roughly 81% of S&P 500 stocks closed higher. Alphabet, Amazon, ServiceNow and Fortinet did the damage. Technology was the only sector with fewer than half its stocks up; consumer discretionary, real estate, industrials, health care and financials led. Third-quarter GDP beat expectations and core PCE matched. Money flow leans to buying, but lower highs still outnumber higher…
The skinny
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