US Market Summary for October 29, 2026

Market Overview

U.S. markets closed lower today, with the S&P 500 down 0.30%, the Dow Jones falling 0.25%, and the Nasdaq declining 1.38%. The downturn was primarily driven by disappointing earnings reports from major tech companies, which raised concerns about future capital expenditures in the AI sector.

Earnings

Alphabet's revenue miss sparked jitters across Wall Street, contributing to the overall market decline. The company's disappointing performance revived fears regarding AI-related capital expenditures, leading to a drop in investor confidence.

ServiceNow experienced its worst day ever, with shares plunging 27% following underwhelming third-quarter results that reignited fears of disruption in the AI space. Similarly, Intel's stock fell 16% as the chipmaker cited a slowdown in the PC market for its weak guidance, despite earlier optimism surrounding its AI initiatives.

Amazon reported a negative free cash flow of $42.4 billion, maintaining its 2026 capital expenditure outlook, which raised eyebrows among investors. Meanwhile, Reddit's shares sank after the company provided weak sales guidance and announced plans to require users to create official accounts, coinciding with a decline in Google search traffic.

On a more positive note, TriMas reported an 8.8% surge in its packaging segment, driven by a strategic divestment and plans for premium packaging M&A. Additionally, PWP saw its M&A revenue nearly double, with a 30% year-over-year increase in backlog.

Blue Owl's fees exceeded estimates, although redemptions weighed on inflows, indicating mixed results in the financial sector.

Macroeconomics

The U.S. economy grew at an annualized rate of 3.4% in the third quarter, marking the fastest pace in a year. This growth was fueled by strong consumer spending, contrasting sharply with the negative perceptions many voters have regarding the economy.

Corporate News

Landmark Bancorp and Southside Bancshares both reported expansions in their net interest margins, with Landmark seeing a 13 basis point increase and Southside a 12 basis point rise, attributed to climbing loan yields and accelerated loan repricing.

Outlook

Looking ahead, investors will be closely monitoring upcoming earnings reports and economic indicators to gauge the sustainability of the current growth trend. The mixed results from major tech companies may lead to increased volatility in the markets as concerns about AI investments and consumer spending persist.