Alphabet plunges on search revenue miss and negative cash flow | Opening Bell, October 29, 2026

Today's Top Stories

6 stories

Deals

DoorDash to acquire Instacart for $17 billion

DoorDash announced an agreement to purchase Instacart parent Maplebear for $65 per share in a cash-and-stock transaction, representing an 11% premium over Wednesday's closing price. Alongside the acquisition announcement, DoorDash reported strong third-quarter results that topped estimates on gross order value, revenue, and adjusted earnings. The combination represents a massive consolidation in the on-demand grocery and local delivery market.

CNBC ↗

Tech

Microsoft rallies on 48% Azure cloud acceleration

Microsoft shares advanced after the company surpassed fiscal first-quarter expectations with $92.28 billion in revenue and adjusted earnings of $4.89 per share. Growth was anchored by Azure revenue rising 48% year-over-year, leading management to guide for fiscal second-quarter cloud expansion of up to 50%. Separately, the tech giant moved to tap debt markets, planning to raise at least $25 billion from a U.S. bond sale.

CNBC ↗

Banking

European Central Bank holds rates steady as Lagarde announces early departure

The ECB held its benchmark interest rate at 2.5%, matching market expectations even as eurozone inflation pushed to a three-year peak. In an unexpected development alongside the rate pause, ECB President Christine Lagarde announced her early resignation. The surprise departure introduces leadership uncertainty at the central bank as it navigates persistent inflation and regional economic crosscurrents.

CNBC ↗

Central Banks

U.S. GDP accelerates while Treasury yields retreat

Third-quarter U.S. economic output accelerated faster than anticipated, bolstered by consumer resilience despite elevated inflation prints. The benchmark 10-year Treasury yield fell 4 basis points to 5.01% as markets parsed the fresh data in the wake of the Federal Reserve's rate hold and Chairman Kevin Warsh's tough remarks on inflation.

The Wall Street Journal ↗

Energy

Crude falls on U.S.-Iran diplomatic outreach

Oil prices retreated more than 2% as traders evaluated reports that U.S. Vice President JD Vance reached out via letter to Iran's Supreme National Security Council to revive peace negotiations. WTI crude slipped below $101 a barrel as the geopolitical risk premium contracted, even after European energy majors posted bumper earnings driven by recent Middle East disruptions.

The Wall Street Journal ↗

Deals

Marvell in advanced talks to acquire optics specialist Lumentum

Shares of Marvell Technology dropped more than 11% while Lumentum rose over 5% following reports that the two firms are negotiating a takeover that could be finalized as soon as next week. The transaction highlights the rapid transition in AI data centers away from copper cabling toward optical infrastructure to handle high-bandwidth computing demands.

MarketWatch ↗

Markets at a Glance

vs. previous close

S&P 5007,705.25▼ −0.50%

Nasdaq26,549.85▲ +0.27%

Dow Jones52,173.39▼ −0.57%

Russell 20002,830.51▲ +0.41%

10-Year Treasury5.01%▼ −4 bp

WTI Crude$100.47▼ −2.25%

Gold$4,033.80▼ −0.44%

U.S. Dollar Index102.39▲ +0.20%

Bitcoin$80,162.31▼ −1.36%

Levels as of 9:36 AM EDT. Source: Yahoo Finance; may be delayed.

The Market Today

U.S. equity markets were mixed as a steep post-earnings sell-off in Alphabet weighed on major benchmarks, offsetting resilience in the tech-heavy Nasdaq and small caps. The S&P 500 slipped 0.50% and the Dow fell 0.57%, while the Nasdaq gained 0.27% and the Russell 2000 added 0.41%. Fixed-income markets saw modest relief, with the 10-year Treasury yield easing 4 basis points to 5.01% despite accelerating third-quarter U.S. GDP growth and firm Federal Reserve rhetoric. In commodities, WTI crude declined 2.25% to $100.47 per barrel on nascent U.S.-Iran diplomatic headlines, while the U.S. Dollar Index edged up 0.20% to 102.39.

Your Watchlist

vs. previous close

AAPLApple$348.01+0.26%

MSFTMicrosoft$540.32+1.69%

NVDANvidia$214.55−1.56%

AMZNAmazon$246.65−2.55%

GOOGLAlphabet$287.54−10.31%

METAMeta$620.63+0.07%

TSLATesla$406.29−0.29%

JPMJPMorgan Chase$343.31+1.18%

XOMExxon Mobil$182.02+1.17%

Alphabet (GOOGL): Slumped 10.31% today after posting third-quarter negative free cash flow of $9.07 billion and missing expectations on both search and total revenue. CNBC
Microsoft (MSFT): Gained 1.69% today after topping first-quarter revenue and earnings estimates, driven by 48% Azure growth, while preparing a bond offering of at least $25 billion. Bloomberg
Amazon (AMZN): Fell 2.55% today ahead of its after-the-bell earnings report, while announcing additional job cuts in its devices unit following a hardware refresh. Reuters
Nvidia (NVDA): Fell 1.56% today following reports that the U.S. Department of Justice is probing its $12.9 billion Hugging Face acquisition, even as the company agreed to invest $3 billion in Meta's equity offering. Reuters
Meta (META): Stood flat with a 0.07% gain today after securing a $3 billion investment commitment from Nvidia while indefinitely delaying new publisher commercial terms. The Wall Street Journal
Apple (AAPL): Added 0.26% today following the unveiling of its first touch-screen MacBook Pro models, reversing a long-standing product stance. The New York Times
Tesla (TSLA): Slipped 0.29% today after a South Korean court dismissed a class action from vehicle owners seeking refunds over Full Self-Driving capabilities. Reuters
JPMorgan Chase (JPM): Gained 1.18% today amid reports that its new Park Avenue headquarters skyscraper is projected to cost roughly $6 billion. The Wall Street Journal

Today's Calendar

Thursday, October 29 · times ET

Economic data & events

8:30 AM

Advance GDP q/qForecast 3.2% · Previous 1.5%

8:30 AM

Core PCE Price Index m/mForecast 0.3% · Previous 0.2%

8:30 AM

Advance GDP Price Index q/qForecast 3.2% · Previous 6.2%

8:30 AM

Unemployment ClaimsForecast 198K · Previous 194K

Earnings

AMZN

Amazon.comWatchlistAfter close · Consensus EPS $2.01

LLY

Eli LillyBefore open · Consensus EPS $5.38

MA

MastercardBefore open · Consensus EPS $5.14

INTC

IntelAfter close · Consensus EPS $0.28

MRK

MerckBefore open · Consensus EPS $2.12

CAT

CaterpillarBefore open · Consensus EPS $7.12

SHEL

ShellBefore open · Consensus EPS $3.54

LIN

LindeBefore open · Consensus EPS $4.52

High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.

Sectors & Movers

Semiconductors & Hardware: Samsung fell 4.13% in Seoul despite delivering a record quarterly operating profit topping 100 trillion won, as investors balked at conservative guidance and the lack of an immediate major share buyback. SK Hynix also surrendered recent gains.
Capital Goods & Industrials: Caterpillar fell 9% despite posting adjusted EPS of $7.20 on $20.68 billion in revenue, both beating Street forecasts, as softer performance in its core construction equipment unit disappointed investors.
Energy: Shell rose 3.6% in London after third-quarter profit nearly doubled to $10.81 billion, ahead of analyst estimates, allowing European majors to step up share buybacks.
Consumer & Travel: Norwegian Cruise Line climbed 9.5% after topping quarterly estimates with adjusted earnings of $1.12 per share, while Harley-Davidson raised its full-year motorcycle sales volume guidance despite lower net income.
Financial Services: Mastercard advanced following third-quarter net income of $4.63 billion ($5.28 per share) on a 14% rise in net revenue to $9.81 billion, driven by payment network transaction volumes.

Live charts: energy, metals & equities →

Macro & Policy

Federal Reserve & Yield Dynamics: Treasury yields softened across the curve after Fed Chairman Kevin Warsh emphasized economic durability while maintaining a hawkish tone regarding inflation persistence well above the 2% target.
European Central Bank Turnover: The ECB's decision to keep its policy rate steady at 2.5% came alongside Christine Lagarde's early resignation, sparking discussion over prospective monetary policy direction as regional inflation remains high.
Antitrust & Regulatory Scrutiny: The U.S. Department of Justice opened an inquiry into Nvidia's $12.9 billion purchase of Hugging Face, while South Korean authorities penalized Google and Apple over app store distribution policies.
Middle East Geopolitics: Reported diplomatic outreach by Vice President JD Vance aimed at reopening negotiations with Iran has injected hopes of de-escalation into energy markets, contributing to the slide in benchmark oil prices.

What to Watch

8:30 AM ET Macro Releases: Key U.S. third-quarter Advance GDP (forecast 3.2%), Advance GDP Price Index (forecast 3.2%), Core PCE Price Index m/m (forecast 0.3%), and weekly Unemployment Claims (forecast 198K).
Morning Earnings Announcements: Pre-open corporate results from Eli Lilly (consensus EPS $5.38), Mastercard (consensus EPS $5.14), Caterpillar (consensus EPS $7.12), Merck (consensus EPS $2.12), Shell (consensus EPS $3.54), and Linde (consensus EPS $4.52).
After-the-Close Tech Megacaps: Crucial quarterly earnings reports due from Amazon (consensus EPS $2.01) and Intel (consensus EPS $0.28).
ECB Leadership Transition: Market commentary and euro volatility following Christine Lagarde's resignation announcement and the ECB's rate hold at 2.5%.

Sources

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