--- title: "Alphabet Sinks 11.8%, Small Caps Rally on Strong GDP Growth: Stock Market Today" type: "News" locale: "en" url: "https://longbridge.com/en/news/303605267.md" description: "Alphabet plunged 11.8% due to weak earnings and high capital spending, dragging the Nasdaq 100 down 1%. Conversely, small caps rallied as Q3 GDP growth beat expectations at 3.4%. The Russell 2000 gained 1.2%, marking a divergence from large-cap tech weakness. Other notable moves included ServiceNow's historic drop of 25.6% and Caterpillar falling 8.1%, while Merck and Eli Lilly rose on positive guidance. Treasury yields slipped below 5%, and oil prices retreated." datetime: "2026-10-29T16:22:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/303605267.md) - [en](https://longbridge.com/en/news/303605267.md) - [zh-HK](https://longbridge.com/zh-HK/news/303605267.md) generator: "portal-rs" --- # Alphabet Sinks 11.8%, Small Caps Rally on Strong GDP Growth: Stock Market Today Wall Street split in two at midday Thursday. **Alphabet Inc. (NASDAQ:GOOGL)** dragged the Nasdaq 100 lower after a costly quarter, while small caps and most other stocks moved higher. Alphabet fell 11.8%, on track for its worst session on record. Third-quarter earnings came in at $2.12 per share, well below the $3.02 consensus, as capital spending more than doubled to $51.4 billion and free cash flow turned negative for a second straight quarter. The slide erased about $470 billion of Alphabet’s market value by midday, even as Google Cloud revenue jumped 103% to $30.7 billion. **Read Also: QUICK SPARK: Alphabet Stock Eyes Worst Day in Company's History, Wipes Out $500 Billion in Value** The economy gave investors a reason to look elsewhere. Gross domestic product grew at a 3.4% annualized pace in the third quarter, above the 3.2% consensus and up from 2.2% in the second quarter. Meanwhile, the core personal consumption expenditures price index rose 3.1% from a year earlier in September, in line with estimates. As a result, the Russell 2000 gained 1.2% while the Nasdaq 100 lost 1%. If those moves hold into the close, it would be the first session since July 2024 in which small caps rose more than 1% while the Nasdaq 100 fell more than 1%. Breadth told the same story. In the Russell 1000, 764 stocks were higher and 256 lower, roughly three gainers for every loser. ## Bonds Are Calm The 10-year Treasury yield slipped 1 basis point to 4.99%, back below the 5% mark it held before the data. The 2-year yield fell 2 basis points to 4.67%, and the 30-year yield was flat at 5.33%. On Wednesday, the Federal Reserve held rates at 3.75%-4.00%. Before Thursday’s data, traders priced an 83% probability of a 25-basis-point hike at the Dec. 9 meeting, according to the CME FedWatch tool. Oil retreated. West Texas Intermediate crude fell 2.3% to $100.44 a barrel, and Brent lost 1.8% to $109.61. Gold futures eased 0.4% to $4,036 an ounce, while silver dropped 2.2% to $52.50. **Bitcoin** (CRYPTO: BTC) rose 0.5% to about $81,611. The S&P 500 slipped 0.2% to 7,726, down 18 points. The Dow Jones Industrial Average fell 0.2% to 52,363. **Caterpillar Inc. (NYSE:CAT)** weighed most, down 8.1% after third-quarter revenue missed forecasts. However, **Merck & Co. Inc. (NYSE:MRK)** rose 4.3% after lifting the midpoint of its 2026 guidance. The Nasdaq 100 fell 1% to 29,502. **Microsoft Corp. (NASDAQ:MSFT)** slipped 1.6% despite earnings of $4.89 per share against a $4.72 consensus. In contrast, **Meta Platforms Inc. (NASDAQ:META)** gained 2.6% and **Apple Inc. (NASDAQ:AAPL)** rose 1.5%. The Russell 2000 climbed 1.2% to 2,864. ## **Thursday’s Performance In Major US Indices** | Index | Last | % Change | MTD | YTD | | ------------ | --------- | -------- | ------ | ------- | | S&P 500 | 7,726.00 | -0.23% | +0.97% | +12.86% | | Dow Jones | 52,362.62 | -0.21% | +2.86% | +8.95% | | Nasdaq 100 | 29,501.85 | -1.04% | -2.98% | +16.84% | | Russell 2000 | 2,863.62 | +1.17% | +2.39% | +15.38% | *Updated by 11:50 a.m. ET* According to the Benzinga Pro platform: - The **Vanguard S&P 500 ETF (NYSE:VOO)** slipped 0.4%. - The **SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA)** fell 0.5%. - The **Invesco QQQ Trust (NASDAQ:QQQ)** dropped 1.3%. - The **iShares Russell 2000 ETF (NYSE:IWM)** rallied 1.1%. ## **Drugmakers Lead as Software Sinks** Health care led the S&P 500’s sectors. The **State Street Health Care Select Sector SPDR ETF** (NYSE:XLV) rose 2%, lifted by strong drugmaker earnings. **Eli Lilly and Co. (NYSE:LLY)** gained 6.3% after raising its 2026 revenue outlook to $91 billion-$92 billion on third-quarter sales of $24.4 billion. The **iShares U.S. Pharmaceuticals ETF** (NYSE:IHE) advanced 2.6%. Communication services lagged. The **State Street Communication Services Select Sector SPDR ETF** (NYSE:XLC) fell 1.6%, as Alphabet is among its largest holdings. Real estate, utilities and financials also rose between 1.4% and 1.8%, with **Mastercard Inc. (NYSE:MA)** up 4.3% after its quarterly report, while technology lost 1.1% and energy slipped 0.4%. **Read Also: ServiceNow Stock Plunges on Worst Day in Company's History: AI Wins Can't Hide a Bookings Slowdown** ## Software Takes a Hit - The **iShares Expanded Tech-Software Sector ETF** (BATS:IGV) slid 4.1%. - **ServiceNow Inc. (NYSE:NOW)** plunged 25.6%, heading for its worst day on record. Earnings of $1.00 per share missed the $1.02 estimate, and the company guided fourth-quarter growth in current remaining performance obligations to 18.5% in constant currency. - **Fortinet Inc. (NASDAQ:FTNT)** tumbled 21.5%. Earnings of $0.91 per share beat the $0.86 consensus, but service revenue grew only 13% to $1.31 billion. - **Sprouts Farmers Market Inc. (NASDAQ:SFM)** sank 22% after projecting a 1.7% decline in full-year comparable store sales. - **Alnylam Pharmaceuticals Inc. (NASDAQ:ALNY)** dropped 17.3% despite beating estimates, as U.S. demand growth for its amyloidosis drugs slowed to $81 million from $129 million in the second quarter. - **Service Corp. International (NYSE:SCI)** lost 12.3% after lowering its full-year adjusted earnings outlook to $3.94-$4.04 per share. ## On the Upside - **ADT Inc. (NYSE:ADT)** soared 33.5% after agreeing to be taken private by Thrive Holdings for $10 per share in cash, a 45.6% premium to its Oct. 27 close. - **Crocs Inc. (NASDAQ:CROX)** jumped 25.7% after raising its full-year revenue and adjusted earnings outlook, as both the Crocs and HeyDude brands grew in the third quarter. - **Insmed Inc. (NASDAQ:INSM)** climbed 17.9% after third-quarter revenue of $524.4 million topped estimates and it raised 2026 sales guidance for Brinsupri to $1.35 billion-$1.4 billion. - **Carvana Co. (NYSE:CVNA)** rallied 15.1% after quarterly revenue topped $8 billion for the first time. - **Textron Inc. (NYSE:TXT)** rose 14.6% after adjusted earnings climbed to $1.76 per share from $1.55 a year earlier and it raised its full-year earnings and cash flow outlook. ## **Thursday’s Russell 1000 Top Gainers** | Name | % Change | | ---------------- | -------- | | **ADT Inc.** | +33.54% | | **Crocs Inc.** | +25.66% | | **Insmed Inc.** | +17.91% | | **Carvana Co.** | +15.06% | | **Textron Inc.** | +14.58% | ## **Thursday’s Russell 1000 Top Losers** | Name | % Change | | -------------------------------- | -------- | | **ServiceNow Inc.** | -25.59% | | **Sprouts Farmers Market Inc.** | -21.95% | | **Fortinet Inc.** | -21.49% | | **Alnylam Pharmaceuticals Inc.** | -17.33% | | **Service Corp. International** | -12.31% | ## What’s Next **Amazon.com Inc. (NASDAQ:AMZN)** lost 2.7% ahead of its report, which is due after today’s market closes. Analysts expecting earnings of $1.97 per share. **Gilead Sciences Inc. (NASDAQ:GILD)** also reports, with a consensus of $2.19 per share. *Photo: Shutterstock* ### Related Stocks - [CAT.US](https://longbridge.com/en/quote/CAT.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [LLY.US](https://longbridge.com/en/quote/LLY.US.md) - [MRK.US](https://longbridge.com/en/quote/MRK.US.md) - [NOW.US](https://longbridge.com/en/quote/NOW.US.md) - [DDM.US](https://longbridge.com/en/quote/DDM.US.md) - [DIA.US](https://longbridge.com/en/quote/DIA.US.md) - [DXD.US](https://longbridge.com/en/quote/DXD.US.md) - [ELIL.US](https://longbridge.com/en/quote/ELIL.US.md) - [ELIS.US](https://longbridge.com/en/quote/ELIS.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md) - [GOIB.US](https://longbridge.com/en/quote/GOIB.US.md) - [GOOL.US](https://longbridge.com/en/quote/GOOL.US.md) - [GOOP.US](https://longbridge.com/en/quote/GOOP.US.md) - [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md) - [GOOX.US](https://longbridge.com/en/quote/GOOX.US.md) - [GOOY.US](https://longbridge.com/en/quote/GOOY.US.md) - [GOU.US](https://longbridge.com/en/quote/GOU.US.md) - [IQQ.US](https://longbridge.com/en/quote/IQQ.US.md) - [IVV.US](https://longbridge.com/en/quote/IVV.US.md) - [LLYX.US](https://longbridge.com/en/quote/LLYX.US.md) - [LLYZ.US](https://longbridge.com/en/quote/LLYZ.US.md) - [NOWL.US](https://longbridge.com/en/quote/NOWL.US.md) - [NOWX.US](https://longbridge.com/en/quote/NOWX.US.md) - [PSQ.US](https://longbridge.com/en/quote/PSQ.US.md) - [QID.US](https://longbridge.com/en/quote/QID.US.md) - [QLD.US](https://longbridge.com/en/quote/QLD.US.md) - [QNDX.US](https://longbridge.com/en/quote/QNDX.US.md) - [QQEW.US](https://longbridge.com/en/quote/QQEW.US.md) - [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md) - [QQQE.US](https://longbridge.com/en/quote/QQQE.US.md) - [QQQM.US](https://longbridge.com/en/quote/QQQM.US.md) - [SDOW.US](https://longbridge.com/en/quote/SDOW.US.md) - [SDS.US](https://longbridge.com/en/quote/SDS.US.md) - [SH.US](https://longbridge.com/en/quote/SH.US.md) - [SPDN.US](https://longbridge.com/en/quote/SPDN.US.md) - [SPLG.US](https://longbridge.com/en/quote/SPLG.US.md) - [SPUU.US](https://longbridge.com/en/quote/SPUU.US.md) - [SPXL.US](https://longbridge.com/en/quote/SPXL.US.md) - [SPXS.US](https://longbridge.com/en/quote/SPXS.US.md) - [SPXU.US](https://longbridge.com/en/quote/SPXU.US.md) - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [SQQQ.US](https://longbridge.com/en/quote/SQQQ.US.md) - [SSO.US](https://longbridge.com/en/quote/SSO.US.md) - [TQQQ.US](https://longbridge.com/en/quote/TQQQ.US.md) - [UDOW.US](https://longbridge.com/en/quote/UDOW.US.md) - [UPRO.US](https://longbridge.com/en/quote/UPRO.US.md) - [VOO.US](https://longbridge.com/en/quote/VOO.US.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [.NDX.US](https://longbridge.com/en/quote/.NDX.US.md) - [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) ## Related News & Research - [Eli Lilly CFO on acquisition spree: 'We are taking bets' on future revenue](https://longbridge.com/en/news/303613049.md) - [Eli Lilly and Company $LLY Stock Sold by Greenleaf Trust](https://longbridge.com/en/news/304082803.md) - [Bernardo Wealth Planning LLC Buys 5,013 Shares of Alphabet Inc. $GOOGL](https://longbridge.com/en/news/303935614.md) - [LLY Stock Hits Record as CEO Says Middle-Income Consumers Are Driving Pharma’s ‘Largest New Category Expansion’](https://longbridge.com/en/news/303729491.md) - [SPY Vs. IWM: Why 3.4% GDP Growth Leaves Two Different Tests For Investors](https://longbridge.com/en/news/304098350.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**