Nasdaq falls 1.7% as Alphabet slides; US economy grew at 3.4% pace in third quarter
US stocks were lower in Thursday afternoon trading, led by a 13% fall in Alphabet and a 26% drop in ServiceNow. Data showed US GDP grew at a 3.4% annual rate in the third quarter and PCE inflation reached 3.6% in September. European shares closed higher.
US stocks were lower in afternoon trading on Thursday 29 October. As of 17:54 GMT, the S&P 500 was down 0.67% at 7,691.86, the Dow Jones Industrial Average down 0.61% at 52,157.23 and the Nasdaq Composite down 1.69% at 26,102.16, according to Yahoo Finance data. Trading was still under way.
Alphabet was down 13% after its third-quarter results missed analysts’ estimates, and ServiceNow was down about 26%, according to Yahoo Finance data. Caterpillar fell about 9% after narrowly missing revenue estimates, CoinDesk reported. DoorDash rose almost 5% after agreeing to buy Instacart, Investopedia reported. Amazon and Intel were due to report after the close.
The US Bureau of Economic Analysis said real GDP grew at an annual rate of 3.4% in the third quarter, up from 2.2% in the second, driven by investment, consumer spending and government spending. The PCE price index rose 3.6% from a year earlier in September and the core index, which excludes food and energy, rose 3.1%, in line with forecasts, CoinDesk reported. Weekly jobless claims were 194,000.
The 10-year Treasury yield was about 5.00%, down from 5.05% on Wednesday, according to Yahoo Finance data.
In Europe, Germany’s DAX closed up 1.3%, the Euro Stoxx 50 up 0.6% and London’s FTSE 100 up 0.3%. In Asia, Japan’s Nikkei 225 rose 1.1%, South Korea’s Kospi fell 1.2% and Australia’s S&P/ASX 200 rose 0.5%, Yahoo Finance data showed.
As of 17:44 GMT, Brent crude futures were down 0.8% at $110.73 a barrel and US crude down 0.8% at $102.01, while gold futures were down 0.7% at $4,025.20 an ounce, according to Yahoo Finance data. Investopedia linked the oil move to a Wall Street Journal report that Vice President JD Vance had sent a letter to Iranian official Mohsen Rezaei about restarting talks.
See also: Fed holds rates at 3.75%-4%.
Sources
- GDP (Advance Estimate), 3rd Quarter 2026 · US Bureau of Economic Analysis
- Personal Income and Outlays, September 2026 · US Bureau of Economic Analysis
- PCE inflation report September 2026 · CNBC
- Stock Market Today: Nasdaq Leads Indexes Lower as Alphabet Stock Slips; Caterpillar Weighs on Dow; Oil Prices Fall · Investopedia
- Live updates: Bitcoin catches small bid as Nasdaq and interest rates fall sharply · CoinDesk
- Index, futures and Treasury yield quotes · Yahoo Finance
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