Tech Rout Drags Indices Lower as Alphabet, Intel Lead Selloff; PCE Data Meets Forecasts
MarketsFN Team
The Nasdaq 100 suffered its worst session in three weeks, tumbling 1.38% to 29,402.51 as Alphabet crashed nearly 13% and Intel plunged 16% on weak guidance. The selloff overshadowed in-line Core PCE inflation data and a stronger-than-expected 3.4% Q3 GDP print, with the S&P 500 snapping a three-day advance to close at 7,720.39 (-0.30%).
🇺🇸 US Session Overview
Tech giants dominated the downside as Alphabet recorded its worst session ever, erasing $500B in market value amid AI disruption fears, while Intel blamed PC weakness for its guidance miss. The Russell 2000 (+1.01%) outperformed as money rotated out of megacaps, with Rivian gaining post-earnings. The Dow slipped 0.25% to 52,342.56 as Caterpillar weighed, though Amazon's after-hours cash flow report loomed.
📅 Economic Calendar Highlights
The Fed's preferred inflation gauge - Core PCE - met expectations at 0.3% MoM and 3.1% YoY, while Q3 GDP surprised upside at 3.4% versus 3.2% forecast. Jobless claims held steady at 194K, with the Atlanta Fed's GDPNow tracking 3.2% for Q4. The ECB held rates as expected, with Italy's 10-year BTP yield dipping to 4.49% at auction.
💱 FX & Commodities
The dollar weakened against European majors, with EUR/USD gaining 0.44% to 1.1178 and GBP/USD up 0.52%. Gold slipped 0.45% to $4,033.30 despite the softer dollar, while Brent crude tumbled 3.28% on demand concerns. Natural gas surged 3.12% as winter forecasts turned colder, while Bitcoin extended losses to $79,404.22 (-2.29%).
Asian markets face pressure from the tech wreck, with ServiceNow's 27% plunge and Amazon's cash flow report setting a risk-off tone. Tomorrow's September PCE and personal spending data will test the Fed's higher-for-longer stance after today's mixed signals.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,720.39 | ▼ -23.59 | ▼ -0.30% |
| Nasdaq 100 | 29,402.51 | ▼ -410.65 | ▼ -1.38% |
| Dow Jones | 52,342.56 | ▼ -132.54 | ▼ -0.25% |
| Russell 2000 | 2,859.22 | ▲ +28.71 | ▲ +1.01% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1178 | ▲ +0.44% |
| GBP/USD | 1.3376 | ▲ +0.52% |
| USD/JPY | 157.66 | ▼ -0.21% |
| AUD/USD | 0.7032 | ▲ +0.03% |
| USD/CHF | 0.8238 | ▼ -0.60% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,033.30 | ▼ -0.45% |
| Silver (XAG/USD) | 52.22 | ▼ -2.31% |
| Crude Oil (WTI) | 102.86 | ▲ +0.08% |
| Brent Oil | 111.54 | ▼ -3.28% |
| Natural Gas | 2.90 | ▲ +3.12% |
| Bitcoin | 79,404.22 | ▼ -2.29% |
| Ethereum | 2,280.38 | ▼ -3.28% |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 12:30 | USD | Core PCE Price Index (MoM) (Sep) | 🔴🔴🔴 | 0.3% | 0.3% | 0.3% |
| 12:30 | USD | Core PCE Price Index (YoY) (Sep) | 🔴🔴🔴 | 3.1% | 3.1% | 3.0% |
| 12:30 | USD | GDP (QoQ) (Q3) | 🔴🔴🔴 | 3.4% | 3.2% | 2.2% |
| 12:30 | USD | Initial Jobless Claims | 🔴🔴🔴 | 194K | 198K | 195K |
| 13:15 | EUR | Deposit Facility Rate (Oct) | 🔴🔴🔴 | 2.50% | 2.50% | 2.50% |
| 13:15 | EUR | ECB Interest Rate Decision (Oct) | 🔴🔴🔴 | 2.65% | 2.65% | 2.65% |
| 07:00 | SEK | GDP (QoQ) (Q3) | 🟡🟡 | 0.4% | 0.3% | 1.6% |
| 07:00 | SEK | GDP (YoY) (Q3) | 🟡🟡 | 2.8% | 2.9% | 3.3% |
| 10:10 | EUR | Italian 10-Year BTP Auction | 🟡🟡 | 4.49% | 4.58% | |
| 12:30 | USD | Continuing Jobless Claims | 🟡🟡 | 1,701K | 1,720K | 1,722K |
| 12:30 | USD | Core PCE Prices (Q3) | 🟡🟡 | 2.50% | 2.40% | 3.30% |
| 12:30 | USD | GDP Price Index (QoQ) (Q3) | 🟡🟡 | 2.2% | 3.2% | 6.1% |
| 12:30 | USD | PCE price index (MoM) (Sep) | 🟡🟡 | 0.5% | 0.5% | 0.3% |
| 12:30 | USD | PCE Price index (YoY) (Sep) | 🟡🟡 | 3.6% | 3.6% | 3.4% |
| 12:30 | USD | Personal Spending (MoM) (Sep) | 🟡🟡 | 0.5% | 0.6% | 0.9% |
| 13:15 | EUR | ECB Marginal Lending Facility | 🟡🟡 | 2.90% | 2.90% | |
| 14:30 | USD | Atlanta Fed GDPNow (Q4) | 🟡🟡 | 3.2% | ||
| 17:00 | USD | 7-Year Note Auction | 🟡🟡 | 4.894% | 5.085% | |
| 17:00 | BRL | Gross Debt-to-GDP ratio (MoM) (Sep) | 🟡🟡 | 82.9% | 82.9% | |
| 20:30 | USD | Fed's Balance Sheet | 🟡🟡 | 6,746B | 6,754B | |
| 13:45 | EUR | ECB Press Conference | 🔴🔴🔴 | — | ||
| 13:15 | EUR | ECB Monetary Policy Statement | 🟡🟡 | — | ||
| 14:30 | EUR | German Buba Mauderer Speaks | 🟡🟡 | — | ||
| 15:15 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — | ||
| 23:30 | JPY | Tokyo Core CPI (YoY) (Oct) | 🟡🟡 | — | 2.6% | 2.7% |
| 23:50 | JPY | Industrial Production (MoM) (Sep) | 🟡🟡 | — | 1.2% | -2.4% |
Report published: October 29, 2026 — 22:20 CET
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