Nasdaq Falls 1.3% as Alphabet Shares Plunge After Earnings
The Nasdaq slid 1.3% as Alphabet dropped 11.7% on weaker-than-expected revenue and negative free cash flow, RTTNews reported.
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what happened
US stocks clawed back some early losses on Thursday but stayed in negative territory. The Nasdaq was down 1.3% at 26,214.48 as Alphabet fell 11.7% to its lowest intraday level in nearly seven months. The Google parent reported third-quarter revenue below expectations and negative free cash flow. Caterpillar shares dropped 7.7% even though its quarterly earnings and revenue beat forecasts.
The September PCE price index rose 0.5% month on month and 3.6% year on year, in line with estimates, while core PCE rose 3.1% annually. A separate Commerce Department report showed third-quarter US growth above forecasts. Treasuries rallied, with the 10-year yield down 7.5 basis points to 4.970%.
why it matters
Investors have tolerated heavy AI spending only when earnings hold up, so Alphabet's cash burn triggered a sharp selloff. Steady inflation and strong growth reduce the case for quick rate cuts, yet bonds still attracted buyers.
market impact
US tech sector: weak results and AI spending pressure the Nasdaq and Alphabet shares
- Nasdaq pressure down — Alphabet's share slump drags the tech-heavy index lower
- US Treasuries pressure up — the 10-year yield fell 7.5 basis points
tags
instruments
sources
- Nasdaq Posting Steep Loss As Alphabet Plunges — TradingView, 29 October 2026 at 15:44 UTC
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