US Pre-Market 29 October 2026: Nasdaq Futures -1.19% as Alphabet Falls 11.40%; Fortinet -27.28%
Sentiment: bearish S&P 500 futures: -0.38%
Nasdaq 100 futures are -1.19% and S&P 500 futures -0.38% at 8:31am ET on 29 October 2026 after Alphabet missed third-quarter estimates and reported negative free cash flow of $9.1 billion on record AI spending. GOOGL.US is -11.40% pre-market, on course to lose more than $400 billion of market value if the drop holds, per Reuters, while MSFT.US is +1.80% after Azure revenue grew 48%. The BEA reported at 8:30am that third-quarter GDP rose at a 3.4% annual rate and September PCE prices rose 3.6% from a year earlier.
Overnight drivers
- Alphabet: third-quarter revenue of $127.58 billion, up 25%, with search revenue of $63.35 billion (+12%) below the $64.96 billion estimate, per BigGo Finance. Capital spending reached a record $51.4 billion and free cash flow was -$9.1 billion, per Fortune. CNBC reported the first miss on both earnings and revenue in nearly four years; 2026 capex guidance stays at $195 billion to $205 billion with a large increase planned for 2027.
- Microsoft: fiscal first-quarter revenue of $92.28 billion against $90.69 billion expected and adjusted EPS of $4.89 against $4.73, per BigGo Finance. Azure grew 48%, and CFO Amy Hood guided 49% to 50% growth for the December quarter, per Yahoo Finance.
- Software: IGV.US -4.49% pre-market after Fortinet and ServiceNow results. CRM.US -5.73%, PANW.US -6.54%, CRWD.US -6.74% and ZS.US -7.29%.
- Chips: SMH.US -1.84%, with AMD.US -2.40%, MU.US -2.91% and NVDA.US -0.53% after Samsung Electronics' results pulled the KOSPI 1.24% lower, per Newsquawk.
- Fed: the FOMC held at 3.75% to 4.00% on Wednesday in a 10-2 vote, with two dissents for a hike. CME FedWatch shows more than 81% odds of a December hike, per Reuters; the 10-year Treasury yield closed Wednesday at 5.045%.
- Oil and dollar: December WTI -0.85% to $101.91 and December gold -0.38% to $4,036.30. DXY is +0.01% at 102.20.
8:30am data
Real GDP grew at a 3.4% annual rate in the third quarter of 2026, up from 2.2% in the second quarter, per the BEA release at 8:30am ET on 29 October 2026. Reuters had put the consensus at 3.2%.
- 3.6%: September PCE price index from a year earlier, with a 0.5% monthly rise.
- 3.1%: core PCE from a year earlier, up 0.3% on the month.
- 0.5%: September consumer spending growth against 0.2% for personal income; the saving rate fell to 3.8%.
S&P 500 futures were -0.20% and Nasdaq 100 futures -0.93% at 7:02am, per Reuters, before the 8:30am releases.
Wednesday on Wall Street
The S&P 500 closed at 7,743.98 on 28 October 2026, up 0.28%, as Oracle and memory names offset the Fed's 10-2 hold.
- S&P 500: 7,743.98 (+0.28%)
- Nasdaq: 26,549.85 (+0.27%)
- Dow: 52,475.10 (+0.19%)
- Russell 2000: 2,830.51 (+0.41%)
- VIX: 16.91 (-3.48%)
ORCL.US gained 10.73% on a $225 billion fiscal 2030 revenue target and SKHY.US 13.30% in its US listing after SK Hynix's record quarter. FFIV.US fell 20.43% on its fiscal 2027 outlook.
Overnight Asia and Europe
The Nikkei 225 closed at 64,659.47 on 29 October 2026, up 1.10%, while South Korea's KOSPI fell 1.24% to 5,937.66 after Samsung Electronics' results, per Newsquawk. European indices were up 0.4% to 0.9% at 8:31am ET ahead of the ECB decision.
- Nikkei 225: 64,659.47 (+1.10%)
- KOSPI: 5,937.66 (-1.24%)
- Hang Seng: 22,958.65 (-0.59%)
- Shanghai Composite: 3,651.43 (-0.82%)
- S&P/ASX 200: 8,891.80 (+0.50%)
- STOXX 600: 647.64 (+0.54%)
- DAX: 25,921.46 (+0.85%)
- CAC 40: 7,955.88 (+0.87%)
- FTSE 100: 10,740.00 (+0.43%)
Pre-market movers
| Ticker | Move | Reason |
|---|---|---|
| GKOS.US | +15.73% | Q3 beat; 2026 sales guidance raised |
| CVNA.US | +8.64% | Q3 revenue above estimates |
| CMG.US | +8.20% | Same-store sales +2.1% against +1.5% expected |
| LITE.US | +5.77% | Reports that Marvell is in advanced talks to buy it |
| LLY.US | +4.80% | Q3 revenue $24.4 billion against $22.6 billion; guide raised |
| FTNT.US | -27.28% | Q3 beat and raised outlook after a 119% gain this year |
| NOW.US | -18.87% | Q3 EPS $0.27 against $0.35 expected |
| MRVL.US | -12.46% | Reported advanced talks to buy Lumentum |
| GOOGL.US | -11.40% | Q3 miss; free cash flow -$9.1 billion |
| CAT.US | -10.30% | Q3 EPS $7.20 against $7.08; sales outlook unchanged |
- FTNT.US -27.28%, the largest S&P 500 decliner pre-market, after Fortinet raised its earnings and revenue outlook; Scotiabank said it wants growth in AI data-center firewall deals first, per The Globe and Mail.
- NOW.US -18.87% after ServiceNow missed on profit despite raising its full-year subscription revenue outlook; current remaining performance obligations rose 20.5% to $13.65 billion, per Yahoo Finance.
- CAT.US -10.30% after Caterpillar held its mid-to-high-teens sales growth outlook; revenue rose 17% to $20.7 billion against $20.55 billion expected, per Reuters.
- LLY.US +4.80% after Mounjaro sales rose 65% to $10.7 billion and Lilly raised its 2026 revenue guide to $91 billion to $92 billion, per Yahoo Finance.
- AMZN.US -1.98% and INTC.US -3.05% ahead of results after the close.
US economic calendar today (ET)
- 8:30am: third-quarter GDP advance estimate (3.4%) and September personal income and outlays (PCE +3.6% from a year earlier), released.
- Today: ECB rate decision.
- After the close: Amazon and Intel report, per Reuters.
What to watch
- Nasdaq 100 futures (-1.19%) trail Russell 2000 futures (+0.24%) by 1.43 points at 8:31am.
- VIX is 17.28 at 8:31am, 0.37 points above Wednesday's 16.91 close.
- GOOGL.US at $287.86 pre-market sits 11.40% below Wednesday's $324.89 close.
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