Market-moving news for Thursday, October 29, 2026

What happened

Amazon and Intel reported after Thursday's close, and both fed the market's growing anxiety about AI spending. Amazon earned $1.89 a share against forecasts of roughly $1.97, on revenue of $201.9 billion versus the $202.2 billion expected. Capital expenditure came in at $77.3 billion against a consensus of $58.67 billion, and free cash flow over the past 12 months was an outflow of $42.4 billion — it is the third big technology group in nine days to be sold on the cost of its AI build-out. Crucially, Amazon forecast holiday-quarter sales below Wall Street expectations, a potential signal of growing pressure on consumers as inflation picks up. Amazon held its 2026 capex plan at about $220 billion, and Amazon Web Services, its cloud arm, grew 39% to $46.0 billion, its fastest rate in almost five years. Intel beat on adjusted EPS ($0.52 vs $0.41 expected) but missed revenue ($16.5B vs $16.6B) and cited 'near-term headwinds across the PC industry,' with a memory-chip shortage driving up its costs. Amazon shares fell about 7% after hours; Intel plunged ~17.4%.

What happened

After Thursday's market close, a second wave of major companies reported Q3 results. Sandisk (SNDK) posted a record quarter with revenue of about $11 billion (above its $10.3B-$10.8B guidance range) and net income of $8.1 billion, up dramatically from $112 million a year earlier, and announced an eight-for-one stock split; the stock nonetheless wobbled after hours as elevated expectations limited the reaction. Coinbase (COIN) reported a surprise $2.51-per-share profit on $1.22 billion in revenue versus analyst expectations of a 23-cent loss — but nearly all of the $719 million net profit was a $715 million unrealized gain on crypto held for investment, with adjusted net income of only $77.7 million (down from $420.7 million a year earlier); shares fell roughly 2-3% after hours. Starbucks (SBUX) reported higher same-store sales as its U.S. turnaround showed progress, but overall revenue fell and missed expectations, pressured by changes in its China business; shares dropped nearly 2% after hours. Mondelez (MDLZ) recorded higher revenue and profit fueled by growth outside its core North America and Europe businesses, and the stock rose after hours. Gilead (GILD) lifted its full-year sales guidance after strong sales from its HIV portfolio, and shares gained about 2.6% after hours. (Sandisk's report was released during Thursday's after-close session but was first picked up in this sweep after falling between prior hourly windows.)

What happened

Reddit (RDDT) reported a jump in third-quarter sales but slower-than-expected user growth, and shares slumped 16% in postmarket trading. Pinterest (PINS) posted quarterly results and an outlook that both came in below Wall Street expectations, sending shares 11% lower after hours. Both misses arrived in tonight's after-hours session, alongside Intel's 17%+ slide on weak Q4 guidance, Amazon's ~6% drop on an EPS/revenue miss, and Starbucks' ~2% dip on a revenue miss.

What happened

In today's analyst roundup (per CNBC), Citizens downgraded Alphabet (GOOGL) to Market Perform from Outperform after third-quarter search growth slowed by about 5 points from Q2 to Q3; JPMorgan maintained its Overweight rating. Bank of America raised its Microsoft (MSFT) price target to $630 from $600 after Wednesday's earnings and reiterated a Buy rating. Goldman Sachs reiterated Apple as a Buy, BofA maintained its Tesla Buy and $460 target, and StoneX reiterated Nvidia as a Buy.

What happened

Intel reported Q3 2026 results after the close on October 29: adjusted EPS of $0.52 beat the $0.41 consensus, but revenue of $16.50 billion came in just shy of the $16.60 billion expected. Despite the EPS beat, shares traded down roughly 17.44% after hours. The market focused on the revenue miss and what it implies about demand for Intel's core PC and data-center products, overwhelming the bottom-line beat.

What happened

Amazon reported third-quarter 2026 results after the close on October 29, missing on both lines: EPS of $1.89 versus the $1.96-$1.97 consensus, and revenue of $201.9 billion versus $202.2 billion expected. Shares fell roughly 6.4% in after-hours trading. The bigger shock was capital expenditure of $77.3 billion, far above the $58.67 billion consensus, leaving the company with a trailing-twelve-month free cash flow outflow of $42.4 billion. Bright spots: AWS grew 39% to $46.0 billion, its fastest rate in nearly five years, and Amazon held its full-year 2026 capex plan at about $220 billion.

What happened

The Federal Trade Commission on Oct. 28 issued Section 6(b) orders to nine airlines, ride-hailing, delivery and retail companies — Delta, United, JetBlue, Lyft, Uber, DoorDash, Instacart, Target and Walmart — demanding detailed information on how they use consumers' personal data to set prices and, for ride-hailing and delivery platforms, how they use drivers' personal data to set compensation. The FTC wants to assess whether prices for tickets, rides, food deliveries and other products vary from person to person based on loyalty-program participation or AI/algorithmic analysis of personal data. FTC Chairman Andrew N. Ferguson said: 'We intend to scrutinize the opaque methodology that some companies in these industries may be using to determine how much consumers pay or how much gig workers are paid for the same product or service.' The Commission has not accused any of the nine of breaking the law, and recipients have 45 days to respond. Delta responded that it has 'zero tolerance for discriminatory or predatory pricing' and that no fare product targets customers with individualized offers based on personal data; JetBlue said it doesn't use personal information or web-browsing history to set individual prices.

What happened

Media reports said Thursday that Microsoft is planning to raise at least $25 billion through a bond sale. The news reversed Microsoft's post-earnings rally — shares had been up 2.9% in premarket trading after a strong quarter but fell about 1.5% on Thursday as investors absorbed the debt-raise report. The sale would fund continued AI infrastructure spending even though the company kept capex in check this quarter. Trevor Slaven, global head of asset allocation at Barings, framed the market's unease: the AI buildout is 'increasingly debt financed,' which 'grows the potential economic profits over time' but 'creates more leverage and just creates a bit more risk in the system.'

What happened

The IRGC Navy said Thursday that three oil tankers exploded and caught fire over the previous 24 hours after striking naval mines while attempting to transit what Tehran calls an 'unauthorized' southern route through the Strait of Hormuz. According to the IRGC statement, the vessels had switched off their radar and navigation systems, ignored Iranian warnings, and were later abandoned off the southern coast of the strait. One vessel was reportedly carrying more than 2 million barrels of crude. The UK's Maritime Trade Operations (UKMTO) separately confirmed a vessel on fire about 9 nautical miles north of Khasab, Oman — Warning 185-26 — though it did not confirm the cause or link it to the IRGC's claim. No ship names, flags, operators, or casualties have been disclosed, and CENTCOM has previously disputed Iranian 'mine' narratives.

What happened

Alphabet shares skidded roughly 12% in Thursday trading and were on pace for the worst single-day decline in the company's history. Class A shares traded around $284; a close near those levels would beat the previous record daily decline of 11.6% from March 2020, in Yahoo Finance daily data going back ten years. The company is on track to lose more than $464B in market value in a single session — the second-worst one-day market-cap loss for any U.S. company on record, behind only Nvidia's $593B loss on Jan. 27, 2025. The selloff dragged the Nasdaq composite down 1.2% even as financials and healthcare held up.

What happened

Gen Digital reported fiscal second-quarter results late Wednesday with revenue up 12% to $1.37 billion, above the $1.34 billion FactSet consensus, and adjusted earnings of 74 cents a share, topping the 72-cent estimate. Bookings rose 10% to $1.35 billion, the sixth straight quarter of double-digit growth. Management raised its fiscal 2027 outlook, lifting revenue guidance to $5.464–$5.515 billion (from $5.375–$5.475 billion) and adjusted EPS guidance to $2.93–$2.98 (from $2.87–$2.97). On the earnings call, CEO Vincent Pilette ended the GoDaddy takeover talk: 'we are not working on a transformative acquisition today.' Shares jumped 13% Thursday to $27.42, heading for their best single-day gain since May 8.

What happened

Merck delivered a clean beat-and-raise third quarter. Worldwide sales grew 4% on a constant-currency basis to $18.1 billion versus $17.3 billion expected. Adjusted EPS of $2.49 easily beat the $2.09 Wall Street projected — even after a 12-cent-per-share charge tied to Merck's global license agreement with Shanghai's SciBrunch to co-develop a drug targeting tumor growth. Keytruda, Merck's biggest product, recorded $8.6 billion in sales across intravenous and subcutaneous formulations; the subcutaneous Keytruda QLex brought in $830 million, up 6% year over year, and has tracked ahead of analysts' projections since its September 2025 approval. Winrevair (pulmonary arterial hypertension) also beat at $694 million versus $638 million expected. Merck lifted full-year guidance for the third time this year: worldwide sales of $66.8–$67.3 billion (midpoint roughly in line with Street) and adjusted EPS of $2.77–$2.82 (up from $2.66–$2.76 prior and ahead of the $2.64 Street call), though the revised outlook remains well below Merck's initial projections from the start of the year. Shares surged about 5% premarket and gained more than 5% at the open.

What happened

Eli Lilly reported Q3 adjusted EPS of $7.48 per share versus $5.68 expected by analysts surveyed by FactSet, on revenue of $24.4 billion versus $22.58 billion expected (up from $17.6 billion a year earlier). The tirzepatide franchises carried the beat: Mounjaro (type 2 diabetes) posted $10.72 billion in sales versus $10 billion expected, and Zepbound (weight loss) posted $5.35 billion versus $5.05 billion expected. Lilly hiked its full-year guidance, now calling for adjusted EPS of $35.50 to $36.50 (Street $33.93) and revenue of $91 to $92 billion (Street $88.82 billion). Shares popped nearly 5% in premarket trading to $1,351, retaking a buy point at $1,292.65 out of a cup base, and added nearly 9% at Thursday's open.

What happened

ECB President Christine Lagarde announced Thursday morning that she will step down on Feb. 7, 2027, nearly nine months before her term ends in October 2027. The ECB said she informed the Governing Council and European Council President António Costa; the Governing Council gave her a long standing ovation, and Costa said the succession process starts immediately. The news landed hours before the ECB's October rate decision (released 13:15 GMT), where the bank held all three key rates unchanged (deposit 2.50%, refi 2.65%, marginal 2.90%) while warning that rising energy prices pose upside risks to inflation and downside risks to growth, solidifying ~65% market pricing of a December hike.

What happened

The U.S. Bureau of Economic Analysis reported Q3 GDP grew at a 3.4% annual rate, topping the 3.1% consensus forecast and up from 2.2% in Q2. The Fed's preferred inflation gauge, the core PCE price index, rose 0.3% in September, lifting the 12-month core PCE rate to 3.1% from 3.0% — both as expected. The data landed at 8:30 a.m. ET, one day after the FOMC voted 10-2 to hold rates at 3.75%-4.00%. After the prints, markets priced 83% odds of a 25bp hike at the Dec. 9 meeting, with 67% odds of a follow-on hike by the March 17 update.

What happened

DoorDash announced Thursday morning it will acquire grocery-delivery rival Instacart in a ~$17 billion deal — its largest ever — at $65 a share, an 11% premium to Wednesday's close and 26% above Instacart's price before sale talks emerged Oct. 22. At least 75% of the consideration is cash, funded from cash on hand plus debt (JPMorgan has committed a bridge loan), with DoorDash targeting an investment-grade capital structure; close expected late 2027 to early 2028 pending regulatory and shareholder approvals. Instacart's board unanimously approved the deal. DoorDash will keep the Instacart brand, app, and enterprise tech, and says customers could save ~$100M/year from not needing both DashPass and Instacart+ memberships. DoorDash also reported Q3 EPS of $1.06 (vs $0.81 expected) on revenue of $4.62 billion (+34%), and had moved its earnings release up from next week to Thursday morning — telegraphing the deal.

What happened

Caterpillar reported Q3 revenue of $20.68 billion (+17% y/y) and adjusted EPS of $7.20 (+45% y/y), beating consensus of roughly $7.06-$7.08 on EPS and topping $20.55 billion revenue estimates. Operating margin expanded to ~20.6%, up ~3 points y/y. The order backlog hit a record $78.1 billion, up $6 billion from Q2 and $38.2 billion y/y. Power-and-energy sales rose 18% to $8.78 billion on data-center demand; construction industries rose 18% to $7.98 billion; resource industries rose 15% to $4.62 billion. Despite the beat, the company merely maintained full-year guidance (mid-to-high-teens revenue growth) and kept its $2.2 billion tariff-cost forecast — and shares sank 9-10% in premarket trading to ~$640-$652.

What happened

The Bank of Canada raised its overnight rate 25 basis points to 2.50%, its first hike since 2023, explicitly citing rising oil-driven inflation. The Reserve Bank of New Zealand surprised markets by holding its official cash rate at 2.75%, but its governor said the chances of a December hike are 'high,' sending the NZ dollar sharply lower. Japan's trend inflation hit a three-year high, with the Bank of Japan expected to hold at its Friday decision while signaling further hikes, and the ECB decides today with an ~84% priced-in chance of a December hike after eurozone inflation hit 3.8%. U.S. 10-year Treasury yields pushed to ~5.02% as markets priced a coordinated global turn toward tighter policy.

What happened

Thursday premarket trading turned into a stress test for the AI trade after mixed Big Tech earnings. Alphabet (GOOGL) slid 10.5% in premarket trading after reporting disappointing results in its core search advertising business and a massive acceleration in cash burn as it poured resources into AI buildout, wiping nearly $400 billion off its market value and dragging Nasdaq futures down about 1%. Microsoft (MSFT) climbed 3.5% premarket after delivering a cash-flow beat and strong Azure growth (+48%), offering a sharp contrast. Marvell Technology (MRVL) fell 9.4% premarket on media reports that it is in advanced talks to buy data-center optics maker Lumentum Holdings (LITE) in a potential megadeal, with Lumentum rising 4.3% premarket after soaring 10% after hours. The broader semiconductor space weakened in sympathy (Nvidia -1%, AMD -3.3%, Intel -3.6%), and software extended Wednesday's post-earnings selloff: ServiceNow dropped 19% premarket and Fortinet 25.4%, with Zscaler and Salesforce among the laggards. Asian shares gave up earlier gains, with the KOSPI down 2.6% after a nearly 7% surge a day earlier.

What happened

Reuters reported Wednesday evening, citing two people familiar with the matter, that the U.S. Justice Department has made inquiries into whether Nvidia's $12.93 billion deal to buy open-source platform Hugging Face would harm competition in artificial intelligence. DOJ officials are asking whether the acquisition would let the chip giant 'capture a fundamental distribution point for AI' — leverage to disadvantage rivals or extract negotiating concessions — and have asked about Hugging Face's competitors. The questioning sits inside a broader, years-long DOJ investigation into Nvidia's conduct covering acquisitions, investments, sales practices, and customer pressure; the Hugging Face angle and details of the continued pursuit are reported here for the first time. Investigators are also reviewing Nvidia's December 2025 SchedMD and Run:ai acquisitions and the 2025 Groq licensing-and-talent arrangement, including whether chip allocations were steered to customers that bought networking gear tied to Groq. Nvidia declined to comment; a DOJ spokesperson declined to discuss pending matters, adding the department under President Trump will prioritize 'advancement of Super Intelligence.'

What happened

Samsung Electronics reported record third-quarter operating profit of 107.4 trillion won (about $80 billion), up nearly ninefold from 12.2 trillion won a year earlier, driven by booming demand for AI memory chips. Revenue climbed about 127% to roughly 195 trillion won, and Samsung said it is the first global technology company to post quarterly operating profit above 100 trillion won. The semiconductor division generated 106.5 trillion won in operating profit — about 99% of group profit — on a sharp ramp in sixth-generation high-bandwidth memory (HBM4) and server storage orders. Net profit of about 75 trillion won missed the roughly 84 trillion won consensus estimate. Samsung also declared a third-quarter dividend of 30 trillion won (4,601 won per share) and said memory demand will keep expanding in Q4 and the chip supply shortage will deepen next year.