Daily Market Briefing — 29 October 2026
Alphabet sank 10% after its first top-and-bottom-line miss in nearly four years, yet Wall Street still closed higher on Wednesday. With the ECB decision and US GDP and PCE data all landing this afternoon, today is about whether the bulls can keep that resilience.
Market Recap
Wednesday was a day of two stories. Under the surface, Alphabet's disappointing third quarter weighed on sentiment, but the broader indices shrugged it off: the S&P 500 closed at 7,743.98 (+0.28%), the Nasdaq 100 at 29,813.16 (+0.55%) and the Dow at 52,475.10 (+0.19%). Microsoft's earnings, which showed rapid growth with spending kept in check, helped hold up the tech complex. Nasdaq-100 futures dipped early on Thursday as the Alphabet sell-off flowed through, so the open may not be as smooth as the close.
Key Movers & Themes
Alphabet's AI-spend problem. The stock fell 10% after missing on both earnings and revenue, holding 2026 capex unchanged and flagging a significant increase in 2027. A doubling of cloud revenue wasn't enough, as investors worry that AI is eroding the company's ability to monetise search queries.
Software and security stumble. ServiceNow slid as an earnings miss overshadowed a raised AI outlook, and Fortinet dived after earnings as cybersecurity stocks broadly fell on slowing growth in one of its business segments. Microsoft was the exception, heading higher after earnings.
Deal chatter in optics. Lumentum popped on a Bloomberg report that an agreement to sell to Marvell could come as soon as next week.
Chart of the Day
The S&P 500 closed at 7,743.98, just under its 5-day high of 7,758.43 and well above the 5-day low of 7,612.07. A close above 7,758 would confirm a fresh push higher, while a slip back through 7,722 (Wednesday's prior close) would suggest the Alphabet drag is biting. Watch the open for the first signal.
Economic Calendar — What to Watch Today
- 13:15 GMT, EU: ECB Interest Rate Decision (forecast 2.65%, previous 2.65%), with the Deposit Facility Rate expected at 2.5%. Press conference follows at 13:45.
- 12:30 GMT, US: GDP Growth Rate QoQ Advance, Q3 (forecast 3.2%, previous 2.2%).
- 12:30 GMT, US: Core PCE Price Index MoM, Sep (forecast 0.3%, previous 0.2%).
- 12:30 GMT, US: Personal Spending MoM, Sep (forecast 0.6%, previous 0.9%).
- 12:30 GMT, US: PCE Price Index YoY, Sep (forecast 3.6%, previous 3.4%).
The PCE inflation prints matter most. A hotter reading would add weight to Treasury Secretary Bessent's comment that it would 'not necessarily' be a mistake if the Fed hikes again.
Technical Levels to Watch
| Stock | Close | Pivot | Support (S1 / S2) | Resistance (R1 / R2) | Cam S3 / R3 | RSI | Signal |
|---|---|---|---|---|---|---|---|
| AAPL | $343.83 | $344.84 | $342.51 / $341.18 | $346.17 / $348.50 | $342.82 / $344.84 | 56.1 | Bullish (MACD cooling) |
| MSFT | $531.01 | $530.72 | $526.43 / $521.86 | $535.29 / $539.58 | $528.57 / $533.45 | 56.1 | Bullish (MACD cooling) |
| GS | $925.17 | $922.67 | $915.65 / $906.12 | $932.20 / $939.22 | $920.62 / $929.72 | 54.1 | Neutral |
| CAT | $713.38 | $717.91 | $703.10 / $692.81 | $728.20 / $743.01 | $706.48 / $720.28 | 36.3 | Bearish |
| BA | $167.14 | $167.45 | $164.70 / $162.26 | $169.89 / $172.64 | $165.71 / $168.57 | 24.8 | Oversold |
| MU | $928.76 | $925.10 | $914.33 / $899.90 | $939.53 / $950.30 | $921.83 / $935.69 | 46.1 | Neutral |
| PANW | $401.70 | $398.24 | $391.71 / $381.72 | $408.23 / $414.76 | $397.16 / $406.24 | 58.4 | Bullish |
| CRWD | $268.02 | $266.44 | $261.83 / $255.63 | $272.64 / $277.25 | $265.05 / $270.99 | 60.3 | Bullish (MACD cooling) |
Note the scanner data reflects the 27 October session, so treat these as reference levels ahead of the open. The key line today is MSFT's $526.43 S1: holding it keeps the post-earnings bid intact. Breadth is constructive but not euphoric: 11 of 20 Nasdaq 100 names scanned sit in bullish EMA alignment against 7 bearish, and 7 of 15 Dow names are bullish against 3 bearish. Boeing is the lone oversold reading (RSI 24.8), while semis such as KLAC (32.7) and LRCX (31.1) show weak RSI. MACD is split, with 12 of 20 Nasdaq names showing bearish crossovers.
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $101.44 | -$1.34 | -1.30% |
| Brent Oil | $110.33 | -$4.99 | -4.33% |
| Gold | $4,040.80 | -$10.80 | -0.27% |
| Silver | $52.74 | -$1.55 | -2.85% |
| Natural Gas | $3.030 | +$0.430 | +16.37% |
| GBP/USD | 1.3310 | -0.0094 | -0.70% |
| EUR/USD | 1.1141 | -0.0080 | -0.71% |
| USD/JPY | 157.81 | +1.32 | +0.84% |
| Bitcoin | $79,849.42 | -$955.66 | -1.18% |
The standout is natural gas, up more than 16% to $3.03 and pressing its 5-day high of $3.04. Brent shed over 4% but still sits above $110, while a firmer dollar pushed sterling below 1.3310 and euro below 1.1141, with USD/JPY firming to 157.81 as it nears the 5-day high of 158.24. Silver fell 2.85% and Bitcoin slipped to $79,849.
Trading Outlook
Bias is cautiously bullish while the S&P 500 holds above 7,722, but Alphabet's sell-off and a possible hot PCE print are the risks. The ECB at 13:15 GMT and the US data at 12:30 GMT are the volatility windows, so size positions accordingly and expect sharp moves around those releases.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.