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Equities desk · Evening edition · Thursday, October 29, 2026

ServiceNow's worst day ever, after weak results revived fears that AI will disrupt software, helped drag the Nasdaq lower while the typical stock rose.

Equities desk · auto-generated · written Oct 29, 2026, 4:18 PM EDT
S&P 500 and its averagesindex points7,0006,800S&P 500 7,72050-day avg 7,698200-day avg 7,306FOMC decisionFed hike 25 bpBelow the high of 330 sessions% below high-12MayJunJulAugSepOctS&P 500 -1.3%Nasdaq -5.1%Russell -6.8%Dow -3.7%Sector funds above their averages%60%40%20%MayJulAugSepOctAbove 50-day 72.73%Top holdingsTop ten 38.1%WeightNVDA7.92AAPL7.61MSFT5.93AMZN3.73GOOGL2.83AVGO2.45GOOG2.26META2.05TSLA1.73MU1.58Corticorp Finance, daily closes and SPDR holdings files to Oct 29, 2026

Nasdaq fell 1.38% on October 29, 2.1 times its typical daily move. The S&P 500 closed at 7,720, above its 50-day average of 7,698 and above its 200-day average of 7,306.

Drawn from the numbers stored with this edition; the same picture is on its share card.

The morning edition's card drew the same chart from its own numbers, written Oct 29, 2026, 9:33 AM EDT. Show it.
S&P 500 and its averagesindex points7,0006,800MayJulSepS&P 500 7,74450-day avg 7,698200-day avg 7,303FOMC decisionFed hike 25 bpBest session on the picture, +1.79%Worst session on the picture, -2.64%6-month low 7,201S&P 500 since 2000, log scalePeak to trough, daily closes2,0001,0002000200420062008201020122014201620182020202220242026S&P 500 7,7442020 -34%Recession 2007-09, -57%2001 -30%1.0% below the record closeSector funds above their averages%60%40%20%MayJulSepAbove 50-day 72.73%Top holdingsTop ten 38.1%WeightNVDA7.92AAPL7.61MSFT5.93AMZN3.73GOOGL2.83AVGO2.45GOOG2.26META2.05TSLA1.73MU1.58Corticorp Finance, daily closes, the Cboe S&P 500 history and SPDR holdings files to Oct 28, 2026. Shaded: grey bars: NBER recessions

S&P 500 led over the period shown, up 7.42% to October 28. The S&P 500 closed at 7,744, above its 50-day average of 7,698 and above its 200-day average of 7,303.

The picture on the morning edition's share card, drawn from the numbers stored with that edition, written Oct 29, 2026, 9:33 AM EDT. The evening edition above replaced it as this day's latest edition.

Big tech dragged and everything else carried. The Nasdaq fell 1.38% and the slipped, yet the equal-weight S&P gained 1.20% and the added about a point. Only Technology and Communication Services finished lower among the sectors. The gap between the equal-weight and cap-weighted indexes is wider than at the open. Most tracked names rose and the median name was up. This was a few heavy growth stocks sagging, not the market retreating.

ServiceNow made the day on the downside. CNBC reported its worst day ever after underwhelming third-quarter results revived fears that AI could disrupt the software company's business. It closed down 26.95%. stayed deep in the red after its negative free cash flow report. On the other side, Eli Lilly rose 6.57% after CNBC reported a beat and a raised sales outlook on Zepbound and Mounjaro. CoreWeave fell after CNBC said 's capex missed expectations, while itself barely moved.

Don't lean on any of this yet. ServiceNow and are each one session old, and nothing held says whether the software drop spreads beyond one company. Oracle gave back ground after yesterday's jump, and nothing given says why. , down 4.25%, was due to report after the close, per CNBC, so that reaction is still ahead. is estimated for October 30, and no results are held for either. If the equal-weight index keeps beating the cap-weighted one through those reports, this stays a story about a few names.

Movers
  • ServiceNow fell 26.95%, its worst day ever, as weak results revived AI disruption fears.
  • fell 12.64% as negative free cash flow came in larger than analysts expected.
  • Eli Lilly rose 6.57% after beating estimates and raising its sales outlook on Zepbound and Mounjaro.
Concentration
  • Equal-weight S&P rose 1.20% while the cap-weighted fell 0.30%, so a few heavy names dragged.
  • Ten of 18 tracked names rose, and the median name gained 0.98%.
  • gained 1.01% while Nasdaq fell 1.38%, so small caps beat growth-heavy tech.
Earnings
  • fell 4.25% into its report, due after the close per CNBC, with no results held.
  • is estimated to report October 30, ExxonMobil November 3 and JPMorgan November 4.
  • Mastercard rose 4.16% after filing an earnings 8-K today, and no results are held here.
Positioning
  • Berkshire raised to 78,791,167 shares by June 30, per its 13F filed August 14.
  • Renaissance raised to 7,091,256 shares by June 30, per its August 13 filing.
  • Nothing filed explains today's drops, and these 13Fs are months old, not current flow.
Stance
  • ServiceNow's drop is a software-and-AI story, and one session cannot show whether peers follow.
  • Index drags sit in a few large growth names while breadth underneath held up.
  • Lilly's raised sales outlook is a change in the business, not a tape move.
ServiceNow, Inc. (NOW)-26.9%
Oct 2about 4 weeksOct 29

ServiceNow gave back its whole October climb in one session, the day's steepest drop in the tracked list.

Alphabet Inc. (GOOGL)-12.6%
Oct 2about 4 weeksOct 29

Alphabet's one-day drop followed weeks of slow slippage, so the earnings reaction landed on an already weak chart.

ELI LILLY & Co (LLY)+6.6%
Oct 2about 4 weeksOct 29

Lilly pushed to a new high in the window on its raised sales outlook, the session's biggest large-cap gain.

The numbers behind it

Market participation

50%

4 of 8 tracked indices above their 50-day average

Counted over ^GSPC, ^IXIC, ^DJI, ^RUT, ^FTSE, ^N225, ^GDAXI, 000001.SS. This is a reading across whole market indices, not a count of the companies inside any one of them.

-13.24%
MRVL 218.34
12.1 pts behind XLK

Read for this move: the stored stories naming Marvell Technology, its filings and corporate actions, over the 7 days to 2026-10-29.

Moved 13.2%, at or above the 3% floor for this strip

-9.25%
CAT 647.39
10.2 pts behind XLI

Read for this move: the stored stories naming Caterpillar, its filings and corporate actions, over the 7 days to 2026-10-29.

Moved 9.3%, at or above the 3% floor for this strip

-8.98%
IREN 26.25
5th of 7 on the strip

Read for this move: the stored stories naming Iren, its filings and corporate actions, over the 7 days to 2026-10-29.

Moved 9.0%, at or above the 3% floor for this strip

+7.02%
JBLU 3.05
6.0 pts ahead of XLI

Read for this move: 1 stored story naming Jetblue Airways, its filings and corporate actions, over the 7 days to 2026-10-29.

Moved 7.0%, at or above the 3% floor for this strip

Every move here is measured between two stored daily closes, so the reading belongs to a session rather than to a time of day. This block is cut at the 2026-10-29 session. Anything named as a driver comes from a stored series and never from a headline.

  • Dow Jones52,342.56-0.25%
  • Russell 20002,859.22+1.01%
  • Sentiment composite38-3.06%
  • VIX17.20+1.71%
  • Above their 50-day4 of 850%
  • Marvell Technology218.34-13.24%12.1 pts behind XLK
  • Caterpillar647.39-9.25%10.2 pts behind XLI
  • Iren26.25-8.98%5th of 7 on the strip
  • Jetblue Airways3.05+7.02%6.0 pts ahead of XLI
  • Marvell Technology-13.24%Read for this move: the stored stories naming Marvell Technology, its filings and corporate actions, over the 7 days to 2026-10-29.
  • Caterpillar-9.25%Read for this move: the stored stories naming Caterpillar, its filings and corporate actions, over the 7 days to 2026-10-29.
  • Iren-8.98%Read for this move: the stored stories naming Iren, its filings and corporate actions, over the 7 days to 2026-10-29.

Across the session

  1. The index lagged the average constituent, reversing the pattern from last time when the index had outpaced it.
  2. Only 4 of 8 tracked indices sit above their 50-day average, up from 3 last time.
  3. Health Care rose 2.40% while Communication Services fell 1.87%, a spread of 4.27 points. Technology also fell 1.18%, and nine of eleven sectors rose.
  4. Both moves were far larger than their sector funds, and each has a stored news cause.

Go deeper

The Equities desk's own dashboard: what was underneath the day's equity move. Open it

The desk voices are written by AI, not by human reporters. Every figure is taken from the listed market, sensor and headline data, and an automated check flags any figure or quoted source that is not.