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Week In Perspective | Nasdaq’s Worst Day Since June Ends Rough October [02-November-26]
The Week on Wall Street
Stocks fell last week as a late-week tech selloff erased early gains. The Standard & Poor's 500 Index declined 0.58%, the Nasdaq Composite Index fell 2.0%, and the Dow Jones Industrial Average slipped 0.85%. The MSCI EAFE Index, which tracks developed overseas markets, held up better, gaining about 0.8%.11 It was the third straight weekly loss for the S&P 500 and the Nasdaq, their longest losing streak since March.1,2
AI Spending Spree Hangover
Stocks climbed to start the week, and the S&P 500 notched three straight gains through Wednesday as investors looked ahead to a heavy slate of Big Tech earnings.3 After the close Wednesday, Microsoft impressed with 48% growth in its Azure cloud business, while Alphabet missed on revenue and earnings.4
Then Thursday, Alphabet fell more than 12%, its worst day on record, erasing roughly $500 billion in market value. The damage was narrow, though, as most S&P 500 sectors rose and investors rotated into health care and real estate.4,5
Friday brought more pressure. Amazon and Intel reports renewed questions about the cost and payoff of AI spending, and Intel dropped more than 30% on weak guidance. The Nasdaq had its worst day since June, and the S&P 500 closed about 3% below its October 6 record as investors reduced risk ahead of month-end and Tuesday's midterm elections. For October, the Nasdaq lost 5.3%, its steepest monthly decline since March 2025, while the Dow gained 1.7%.6,7
Fed Holds, Prices Don't
On Wednesday, the Federal Reserve left interest rates unchanged at 3.75% to 4.00% in a 10–2 vote, with both dissenters favoring a quarter-point increase.8 Thursday's data showed an economy running hot and inflation staying high. Third-quarter GDP grew at a 3.4% annualized pace, ahead of expectations, but September PCE prices rose 3.6% from a year earlier, with the monthly gain the largest since March. Core PCE was 3.1%, in line with forecasts. Markets continue to price in a possible rate increase at the Fed's December meeting.9
Corporate profits remain solid. Third-quarter S&P 500 earnings are on track to grow about 30%, though companies are topping estimates by just 1.4%, well below the five-year average of 7.5%.10
THIS WEEK: KEY ECONOMIC DATA
Monday: ISM Manufacturing Index.
Tuesday: JOLTS Job Openings. Midterm Elections.
Wednesday: ADP Employment Report. ISM Services Index.
Thursday: Challenger Job Cuts. Initial Jobless Claims.
Friday: October Employment Report. University of Michigan Consumer Sentiment (preliminary).
Source: Yardeni Research; CNBC/FactSet. The forecasts or forward-looking statements are based on assumptions and may not materialize.
This Week: Companies Reporting Earnings
Monday: Apple (AAPL), Palantir Technologies (PLTR), Marriott International (MAR), Vertex Pharmaceuticals (VRTX), The Estée Lauder Companies (EL).
Tuesday: Pfizer (PFE), Shopify (SHOP), Advanced Micro Devices (AMD), Amgen (AMGN), Arista Networks (ANET), Booking Holdings (BKNG), Block (XYZ), Super Micro Computer (SMCI).
Wednesday: McDonald's (MCD), Uber Technologies (UBER), CVS Health (CVS), Datadog (DDOG), Novo Nordisk (NVO), Qualcomm (QCOM), Arm Holdings (ARM), AppLovin (APP), DoorDash (DASH).
Thursday: ConocoPhillips (COP), Cigna (CI), Duke Energy (DUK), Airbnb (ABNB), Cloudflare (NET), Monster Beverage (MNST), Atlassian (TEAM), Microchip Technology (MCHP).
Friday: Humana (HUM), Vistra (VST), Enbridge (ENB), Brookfield Asset Management (BAM).
Source: StockTitan/Nasdaq and Digrin earnings calendars as of October 30, 2026. Companies mentioned are for informational purposes only. Companies may reschedule their earnings reports without notice.
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Sources:
- https://www.jhinvestments.com/weekly-market-recap
- https://investrade.com/market-review-october-30-2026/
- https://armenpress.am/en/article/1263894
- https://finance.yahoo.com/markets/live/stock-market-today-thursday-october-29-dow-sp-500-nasdaq-alphabet-microsoft-earnings-130305714.html
- https://cappnotes.substack.com/p/closing-look-thursday-october-29
- https://www.cnbc.com/2026/10/29/stock-market-today-live-updates.html
- https://tradingeconomics.com/united-states/stock-market
- https://www.yardeniquicktakes.com/economic-week-ahead-november-2-6/
- https://finance.yahoo.com/markets/live/stock-market-today-thursday-october-29-dow-sp-500-nasdaq-alphabet-microsoft-earnings-130305714.html
- https://cnbc.com/2026/10/30/stock-market-next-week-outlook-for-nov-2-6-2026.html
- https://www.investing.com/indices/msci-eafe