Stock market today: Dow, S&P 500, Nasdaq slip as Alphabet stock sinks 12% and AI jitters return
Alphabet fell about 13% after its third-quarter results and was on track for its worst day ever, while software stocks tumbled, led by a 25% drop in ServiceNow and a 21% loss in Fortinet. Third-quarter GDP increased at a 3.4% annualized rate against expectations of 3.1%, and the PCE index rose 3.6%, in line with expectations and up from 3.4% a month earlier, with core PCE up 3.1% year over year. Yahoo Finance
NOW Stock On Track To Post Worst Single-Day Performance In Over 14 Years — Analysts See AI Upside Despite Slowing Growth
ServiceNow fell more than 25% after guiding to fourth-quarter current remaining performance obligations growth of 18.5%, below the 19.8% analysts expected and down from 20.5% in the third quarter. Third-quarter revenue rose 20.5% to $4.11 billion against a $4.09 billion consensus, adjusted EPS of $1 missed the $1.02 estimate, and the company raised its full-year subscription revenue outlook and its 2026 AI annual contract value target to $1.7 billion. StockTwits
Oil prices decline after diplomatic push in Iran war
Brent eased in early trading as traders weighed a Wall Street Journal report that Vice President JD Vance sent a letter to Iranian National Security Council chief Mohsen Rezaei to revive peace negotiations; President Trump said he did not direct the outreach. The Journal also reported that Washington has warned several Gulf Arab countries to prepare for a possible renewed US military campaign against Iran after the November 3 midterm elections. The National
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,720.39 | -23.59 | -0.30% |
| Nasdaq Composite^IXIC | 26,184.72 | -365.13 | -1.38% |
| Dow Jones^DJI | 52,342.56 | -132.54 | -0.25% |
| CBOE Volatility Index^VIX | 17.20 | +0.29 | +1.71% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 102.04 | -0.08 | -0.08% |
| Brent CrudeICE Jan '27 · 2:30 PM ET settle | $111.70 | +$0.06 | +0.05% |
| WTI CrudeNYMEX Dec '26 · 2:30 PM ET settle | $102.83 | +$0.05 | +0.05% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,031.00 | -$20.10 | -0.50% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.06% | -1bp | -0.25% |
| 3-MonthT-bill | 4.18% | 0bp | +0.00% |
| 6-MonthT-bill | 4.28% | -4bp | -0.93% |
| 1-YearT-note | 4.42% | -5bp | -1.12% |
| 2-YearT-note | 4.61% | -6bp | -1.28% |
| 5-YearT-note | 4.78% | -7bp | -1.44% |
| 10-YearT-note | 4.98% | -7bp | -1.39% |
| 30-YearT-bond | 5.32% | -5bp | -0.93% |
Equities snapped a three-session advance as Alphabet and enterprise software repriced lower: the S&P 500 fell 23.59 points, or 0.30%, to 7,720.39, the Nasdaq Composite 1.38% to 26,184.72 and the Dow 132.54 points, or 0.25%, to 52,342.56, while the VIX rose 0.29 to 17.20. Breadth ran opposite to the index: nine of 11 sectors closed higher, led by Health Care (+2.40%), Real Estate (+2.21%) and Consumer Staples (+1.54%), while Communication Services (-1.87%) and Technology (-1.18%) were the only decliners. ServiceNow (-26.95%) was the weakest S&P 500 name on its fourth-quarter cRPO guidance, followed by Fortinet (-20.09%), Marvell Technology (-13.24%) and both Alphabet share classes (GOOGL -12.64%, GOOG -12.29%). Gen Digital (+15.81%) led gainers, ahead of Carvana (+15.68%), Norwegian Cruise Line Holdings (+13.45%), Huntington Ingalls Industries (+13.23%) and Textron (+11.67%).
The advance estimate showed real GDP growing at a 3.4% annualized rate in the third quarter, up from 2.2% in the second, while the quarterly PCE price index slowed to 2.1% from 5.0% and the core measure to 2.5% from 3.3%. Treasuries rallied across the curve: the 2-year fell 6bp to 4.61%, the 5-year and 10-year 7bp each to 4.78% and 4.98%, and the 30-year 5bp to 5.32%, returning the 10-year below 5.00% a session after it reclaimed that level and flattening 2s10s by 1bp to 37bp. January Brent, now the most active contract ahead of December's expiry on Friday, settled 6 cents higher at $111.70 and December WTI 5 cents higher at $102.83, both recovering from losses earlier in the session on reports of a renewed US diplomatic approach to Iran. The dollar eased (DXY 102.04, -0.08), and gold fell 0.50% to $4,031.00 (1:30 PM ET print).
Friday brings the third-quarter Employment Cost Index at 8:30 AM, the October Chicago Business Barometer at 9:45 AM and the expiry of the December Brent contract. Monday opens November with the October ISM Manufacturing PMI and September construction spending at 10:00 AM and the Fed's Senior Loan Officer Opinion Survey at 2:00 PM. Tuesday brings September JOLTS and factory orders at 10:00 AM on the day of the midterm elections, after which, per the Wall Street Journal, Washington has told Gulf states to prepare for a possible renewed campaign against Iran. With the payoff on hyperscaler capex and the durability of software growth now the market's central debate, the Alphabet and ServiceNow repricing raises the bar for the remaining large-cap technology reports.