Stock Market Today: Nasdaq Futures Slide as Alphabet Sell-Off Tests Big Tech
US stock futures point to a mixed opening on October 29 as Alphabet slides after earnings, Microsoft gains and investors await inflation data.
- Published
- Reading time
- 3 minutes
US stock futures were mixed before Thursday’s opening bell, with a steep drop in Alphabet shares weighing on Nasdaq futures while Dow futures held in positive territory. The moves followed a modestly higher close on Wednesday, when all three major indexes ended up after the Federal Reserve kept interest rates unchanged.
As of Reuters’ 4:09 a.m. ET market snapshot on October 29, Dow futures were up 0.35%, S&P 500 futures were down 0.41%, and Nasdaq 100 futures had fallen 1.22%. These are premarket futures, not the final performance of the indexes during regular trading; prices can change before and after the opening bell.
Why Alphabet shares are weighing on Nasdaq futures
Alphabet fell sharply in premarket trading after its latest results disappointed investors on parts of its core business and raised fresh questions about the cost of its artificial intelligence expansion. Reuters reported that Alphabet shares were down 10.5% in premarket trading, as investors weighed the company’s search advertising results against its rising AI-related spending.
That reaction is putting the spotlight on a question facing the wider technology sector: how quickly can heavy AI investment translate into durable revenue and cash flow? Alphabet’s decline also contrasts with Wednesday’s market mood, when chip stocks had helped lift the indexes.
Microsoft rises as investors weigh AI returns
Microsoft moved in the opposite direction. Its shares rose 3.5% in premarket trading after the company reported stronger cash flow and signalled solid cloud growth, according to Reuters. The contrast between Microsoft and Alphabet is a reminder that investors are assessing individual companies’ results and spending plans rather than treating every AI-related stock alike.
Other technology shares were under pressure before the open. Reuters reported declines in Fortinet and ServiceNow after their results, while several semiconductor stocks, including Nvidia, AMD and Intel, were also lower in early trading.
NASDAQ Falls as Alphabet Earnings Disappoint and Fed Signals Further Rate Hikes The NASDAQ faces renewed selling pressure as Alphabet shares plunge nearly 10% and the Federal Reserve signals further rate hikes. Microsoft's stronger earnings offer some support, but inflation concerns and elevated AI spending continue to weigh on market sentiment. With US inflation, GDP data, and Amazon earnings ahead, could the NASDAQ face further declines? Read the full market analysis. #NASDAQ #Alphabet #Microsoft #FederalReserve #StockMarket #HFM 👉 https://t.co/eLbgadLNbs
— HFM (@hfmbroker) October 29, 2026
What the Federal Reserve and economic data mean for markets
The Federal Reserve left interest rates unchanged on Wednesday. Investors now turn to Thursday’s US personal consumption expenditures report, the Fed’s preferred inflation measure, and the government’s first estimate of third-quarter GDP. Both releases could influence expectations for the central bank’s next rate decision.
The previous session ended with modest gains: the Dow closed at 52,475.10, the S&P 500 at 7,743.98 and the Nasdaq Composite at 26,549.85. Those closing figures reflect Wednesday’s regular session and should not be confused with Thursday’s premarket futures moves.
What to watch next in the stock market
Investors will be looking for the inflation and GDP releases, further reactions to Big Tech earnings, and results from Amazon and Intel after Thursday’s market close. Together, those developments could shape trading in technology shares and expectations for interest rates.
Disclaimer: This article is for news and general information only. It is not investment advice or a recommendation to buy or sell any security. Market prices and futures can change quickly; verify current figures before making financial decisions.
Questions readers ask
Why are Nasdaq futures down today?
Nasdaq futures were lower in early trading on October 29 after Alphabet shares fell following its earnings report. Investors were also assessing results from Microsoft and other technology companies.
How did the Dow, S&P 500 and Nasdaq close in the previous session?
On Wednesday, October 28, the Dow closed at 52,475.10, the S&P 500 at 7,743.98 and the Nasdaq Composite at 26,549.85. These are the previous session’s closing levels, not Thursday’s final results.
What economic reports are investors watching today?
Investors are watching the US personal consumption expenditures inflation report and the third-quarter GDP estimate, both scheduled for release on Thursday, October 29.
Are stock futures the same as the market’s final daily result?
No. Futures trade before the regular US stock-market session and can indicate how indexes may open, but they do not determine where the Dow, S&P 500 or Nasdaq will close.
