Stock Market Today: Alphabet, ServiceNow and Fortinet Sink as Losses Stay Concentrated

U.S. stocks finished lower Thursday, October 29, but the session was not a broad selloff. The S&P 500 fell 0.3%, the Nasdaq Composite dropped 1.4%, and the Dow lost 0.3%. About four out of five S&P 500 stocks rose, according to the Associated Press market recap. Large declines in a handful of heavily weighted and earnings-sensitive stocks pulled the major indexes down.

The biggest widely followed drops#

Regular-session declines were led by company results, outlooks and trial news. A liquid-stock screen also showed larger moves in biotech names. Percentages below are rounded; the after-hours moves are shown separately because they happened after the 4 p.m. close.

The session's largest declines had different explanations. They should not be read as a single sector-wide signal. Iovance reported a 24.6% response rate across 69 patients in its Phase 2 lung-cancer study, with stronger results in a retrospectively defined subgroup. Alnylam reported 52% growth in net product revenue but said it expected TTR sales near the low end of its annual range. Sprouts cited a challenging consumer backdrop and a product disruption while reporting negative comparable-store sales and a lower full-year outlook.

Alphabet led the index pressure#

Alphabet shares dropped 12.6% after its third-quarter report, their worst session since the shares began trading, AP reported. Revenue still grew 25% year over year, and Google Cloud revenue more than doubled, but total revenue was slightly below analyst expectations. Earnings per share also came in below estimates, partly reflecting an $8.7 billion investment loss. Spending on property and equipment exceeded $51 billion, sharpening questions about the cost and return of the AI buildout. See the separate Alphabet earnings story.

The software and cybersecurity declines had separate company-specific catalysts. ServiceNow shares fell about 27% as investors assessed its fourth-quarter contract outlook. Fortinet dropped about 21% after lowering its projected 2026 service revenue range. Their results weighed on other software shares, while Dell's 3.7% decline was more in line with the broader technology weakness and had no clearly established same-day company-specific trigger. The Dell story covers that distinction.

After-hours trading added another earnings wave#

Amazon and Reddit both fell during regular trading and then moved lower after publishing results. Amazon's shares were down more than 5% in the first after-hours reaction reported by AP. Its revenue and earnings per share missed analysts' estimates, free cash flow was negative $42.4 billion for the trailing twelve months, and its holiday-quarter sales outlook was cautious. AWS revenue, meanwhile, grew 39.3% year over year. Read the Amazon earnings story.

Reddit's Q3 revenue and profit grew sharply, but its fourth-quarter revenue forecast was below the cited analyst consensus; shares fell about 17% in an after-hours snapshot. Intel also fell more than 20% after its Q4 forecast came in below estimates, with the company citing a factory disruption in Israel and a weak PC market. Those post-market prices can change before the next session. The Reddit story separates its regular-session close from the earnings reaction.

For a continuously updated list of daily decliners, see TickerPosts' top losing stocks page. The page ranks percentage moves; a ranking does not explain a company's business or establish why its shares moved.

Published October 29, 2026. Market prices are time-sensitive. This report is informational and is not investment advice.