---
title: "US Stock Market: Nasdaq 100 Index Ends Three-Day Winning Streak as Record Plunge in Alphabet Stock Drags Down Tech Sector"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/303636492.md"
description: "Driven by a record plunge in Alphabet's stock price and earnings misses from tech giants such as Amazon and ServiceNow, market concerns over returns on AI investments caused the Nasdaq 100 Index to end its three-day winning streak with a 1.4% decline. The S&P 500 and Dow Jones Industrial Average edged down 0.3%, while the Russell 2000 Index rose 1%. Comments by Trump on the Iran situation also exerted pressure on stock indices"
datetime: "2026-10-29T21:46:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/303636492.md)
  - [en](https://longbridge.com/en/news/303636492.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/303636492.md)
generator: "portal-rs"
---

# US Stock Market: Nasdaq 100 Index Ends Three-Day Winning Streak as Record Plunge in Alphabet Stock Drags Down Tech Sector

Alphabet's sharp stock decline dragged the tech sector lower, as the Google parent company's disappointing performance reignited investor concerns that artificial intelligence could threaten its core business.

The tech-heavy Nasdaq 100 Index fell 1.4%, and the S&P 500 Index dropped 0.3%, ending a three-day winning streak for both major indices.

Alphabet shares plunged 13%, marking the largest single-day drop in the stock's history and the second-largest single-day market capitalization erosion for any U.S. individual stock on record.

Stocks outside the tech sector generally rose, with approximately 400 components of the S&P 500 Index advancing and the S&P 500 Equal Weight Index gaining 1.2%.

Chris Larkin at E\*Trade wrote, "Uncertainty surrounding AI may not be over, but its impact on the broader market has been limited so far."

The latest batch of earnings reports has again sparked skepticism about the AI trade, with the market questioning whether massive AI spending can generate returns quickly enough to justify elevated valuations.

Amazon reported after-hours earnings on Thursday showing capital expenditures higher than expected, causing its stock to fall in after-hours trading.

Chip stocks came under pressure, with the Philadelphia Semiconductor Index declining 1.4%.

Software stocks also declined. ServiceNow plummeted 27%, hitting a record largest drop; Fortinet fell 20%, marking its largest decline since August 2025.

U.S. President Trump stated that the Iran issue would soon be resolved, which also placed pressure on stock indices amid external concerns that the U.S. might resume attacks on Tehran.

At the close, the S&P 500 Index fell 0.3% to 7,720.39;

The Dow Jones Industrial Average dropped 0.3% to 52,342.56;

The Nasdaq Composite Index declined 1.4% to 26,184.72;

The Nasdaq 100 Index fell 1.4% to 29,402.51;

The Russell 2000 Index rose 1% to 2,859.217.

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**