Markets
Markets Today: Alphabet's 12% plunge drags the Nasdaq down as Bitcoin slips below $80,000 (October 29, 2026)
Alphabet's earnings miss sank tech stocks and Bitcoin slipped below $80,000 on October 29, 2026, while small caps and health care rallied.
Thursday was a tale of two markets: big tech took a beating while the average stock did fine. Alphabet plunged about 12% after a disappointing earnings report, dragging the Nasdaq down 1.38%, and Bitcoin slipped back below $80,000 as risk appetite cooled. Small caps, though, rose 1% — the selling was concentrated, not broad. Stock closes as of 4 p.m. ET; crypto as of 8:16 p.m. UTC (2:16 p.m. MDT), October 29, 2026. This is not financial advice.
Crypto snapshot
| Asset | Price | 24h change |
|---|---|---|
| Bitcoin (BTC) | $80,297.76 | -1.2% |
| Ethereum (ETH) | $2,313.94 | -1.8% |
| Total crypto market cap | About $2.77 trillion | -1.3% in an earlier snapshot |
Bitcoin gave back its post-Fed pop: Morningstar reports it fell 1.5% to about $80,028, slipping below $80,000 intraday after briefly touching about $81,700. The Fool's evening snapshot puts Bitcoin at $80,297.76, down 1.2%, and Ether at $2,313.94, down 1.8%. The total crypto market cap stood at about $2.77 trillion, down 1.3%, per CoinGecko data cited in Thursday's market update. On flows, the picture was mixed: U.S. spot Bitcoin ETFs drew $137.33 million on October 28, a third straight day of inflows led by BlackRock's IBIT, per TradingView — while spot Ether ETFs saw $21.41 million of outflows the same day, their third straight session of withdrawals, per SoSoValue via crypto.news.
Stock market snapshot
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,720.39 | -0.30% (-23.59) |
| Nasdaq Composite | 26,184.72 | -1.38% (-365.13) |
| Dow Jones Industrial Average | 52,342.56 | -0.25% (-132.54) |
| Russell 2000 | 2,859.22 | +1.01% (+28.71) |
The Nasdaq led the declines, per Investopedia, with the S&P 500 and Dow each down about 0.3%. The Russell 2000 gained 1.01%, and health care and financial shares rose while tech fell — a rotation beneath the headlines, per Thursday's market summary.
Today's winners and losers
Winners
- ADT, +33.5% — the day's biggest large-cap gainer on enormous volume.
- Glaukos, +32.5% — jumped after a strong third quarter and raised sales guidance.
- Porch Group, +27.4% — rallied sharply.
- Crocs, +24.7% — surged on its earnings report before the open.
- Hyperliquid (HYPE), +15.2% to $93.45 — the standout crypto gainer, per the Fool, while Pepe added about 5% and Tron rose 0.6%.
Losers
- Iovance Biotherapeutics, -35.6% — the day's steepest large-cap decline.
- ServiceNow, -25.5% — fell after missing profit expectations despite raising its subscription outlook.
- Fortinet, -21.5% — slid even after beating expectations and raising its outlook.
- Alphabet (Google), -12.6% — plunged after disappointing third-quarter results late Wednesday, on pace for its worst session in at least ten years. Caterpillar fell more than 9% despite beating overall estimates, as construction sales came in soft.
- Rain, -11.1%, and Bitcoin Cash, -6.4% — led crypto's losers, while XRP fell 4.6% and Solana 3.3%, per the top-100 snapshot.
What's driving the moves
- Alphabet's earnings miss set the tone. The Google parent missed on adjusted earnings and revenue, reported negative free cash flow of $9.07 billion, and kept its capital spending forecast at $195 billion to $205 billion, per the overnight recap. Social chatter was dominated by the selloff, with retail traders swapping Google-loss stories and debating buying the dip.
- The Fed hold still echoes. Wednesday's 10-2 vote to keep rates at 3.75% to 4.00%, with two dissents favoring a hike, left traders pricing roughly an 80% December hike chance, per CME FedWatch via Investopedia.
- Strong growth, stubborn inflation. Third-quarter GDP grew at a 3.4% annualized rate, beating forecasts, while September PCE inflation rose 0.5% on the month and 3.6% from a year earlier, per Commerce Department figures cited by Morningstar. Good growth plus sticky inflation keeps the December hike in play.
- Yields eased, oil stayed high. The 10-year Treasury yield sat around 4.95%, down from late Wednesday, per Investopedia, while WTI crude held near $101 amid Middle East supply worries and gold traded near $4,027.
- Not every earnings story was bad. Microsoft edged lower despite strong results, with Azure growing 48%, while Eli Lilly delivered strong growth in obesity and diabetes treatments, per Thursday's summary.
What investors are watching next
Amazon and Intel reported after Thursday's close, so their reactions will set Friday's tone for tech. Traders also watch whether Bitcoin holds $79,000 to $80,000 into Friday's large options expiry (one tracker puts max pain near $79,000) and the Bank of Japan's Friday decision, where a hold is expected. The December 8-9 Fed meeting is the main event: traders are pricing a hike, so cooler inflation data — or easing oil supply fears — could shift that pricing quickly. In crypto, the question is whether Bitcoin ETF inflows continue even as Ether funds leak. Nothing here is a prediction — these are catalysts traders say they are watching, not ToolPilot's view of where prices will go.
Bottom line
Thursday looked ugly in the headlines — a 12% Alphabet plunge, a 1.38% Nasdaq drop, Bitcoin back under $80,000 — but the internals were calmer: small caps, health care, and financials rose. The market is repricing big tech's AI spending against a Fed that sounds more hawkish than dovish, with inflation still above target. That tension is the story to watch into Friday and the December Fed meeting. Nothing here is a recommendation to buy or sell anything — it is a snapshot of one day, and tomorrow's data can change the picture quickly.