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News · Pre-Market Brief ·

Alphabet's 12.64% slide drags the Magnificent Seven lower; Meta and Apple close higher

Alphabet fell 12.64% on Thursday after a third-quarter earnings miss, pulling the Magnificent Seven's simple average to -2.09%. Meta rose 1.96% and Apple 1.48%. Amazon, down 4.25%, reported results after the bell that CNBC said missed expectations.

Previous session closes (2026-10-29): AAPL 348.91 (+1.48%); MSFT 530.14 (-0.16%); GOOGL 283.82 (-12.64%); AMZN 243.79 (-4.25%); NVDA 213.66 (-0.80%); META 624.52 (+1.96%); TSLA 403.30 (-0.23%).

Daily bars are aggregated by Alpaca from consolidated trades and can differ slightly from official exchange closing prices.

Amazon filed a Form 8-K on Oct 29, 2026 (Item 2.02: results of operations and financial condition).

Meta Platforms filed a Form 8-K on Oct 29, 2026 (Item 1.01: entry into a material definitive agreement).

CNBC reported (2026-10-29): Alphabet reported third-quarter revenue of $127.58 billion and search revenue of $63.35 billion against a $64.96 billion estimate; the report ties the selloff to concern that AI chatbots are cutting into search.

CNBC reported (2026-10-29): Amazon's third-quarter results missed expectations, with net sales of $201.9 billion, AWS sales of $46.0 billion, negative free cash flow, and an unchanged 2026 capex forecast of about $220 billion.

SEC EDGAR reported (2026-10-29): Meta filed a Form 8-K on Oct 29 that lists an underwriting agreement for depositary shares and a deposit agreement with Computershare.

Alphabet did most of the damage. The stock closed at $283.82, down 12.64% on the day and 12.46% over five sessions, the weakest in the group by a wide margin. The day extended a slide that began earlier in the week: Alphabet closed at $324.89 on Oct 28 and $324.22 on Oct 22. Meta, at $624.52, rose 1.96% but is still 3.75% lower over five sessions. Tesla leads the week at +7.67%, and Microsoft is up 1.74%.

CNBC reported that Alphabet missed third-quarter estimates, with revenue of $127.58 billion and search revenue of $63.35 billion against an analyst estimate of $64.96 billion. The report linked the selloff to concern that AI chatbots are eating into search. Amazon also reported on Oct 29. CNBC said its earnings and revenue missed expectations, with net sales of $201.9 billion and AWS sales of $46.0 billion, and that the company kept its 2026 capital spending forecast at about $220 billion. Amazon closed down 4.25% at $243.79 in the regular session.

The rates backdrop is firm. The 10-year Treasury yield stood at 5.05% on Oct 28, up 0.06 percentage point from the day before, while the 2-year yield eased to 4.67%. The 10-year minus 2-year spread was 0.37 percentage point on Oct 29. The 10-year real yield was 2.67%. Higher long-term yields weigh on companies whose earnings sit further in the future, and heavy capital spending on AI infrastructure raises the bar for near-term cash flow.

The next scheduled company event in MAG7 Stocks' earnings calendar is Apple on Nov 2, after the close. Meta filed a Form 8-K on Oct 29 under Item 1.01, entry into a material definitive agreement. The filing lists an underwriting agreement dated Oct 26 for depositary shares. No pre-market quotes were available when this brief was prepared.

Watch next (2026-11-02): Apple reports quarterly results after the market close, per MAG7 Stocks' earnings calendar.

Watch next (2026-10-30): Amazon's first regular-session trading after its Q3 report and 2026 capex forecast of about $220 billion.

Two of the seven stocks closed higher and five lower, with 14.60 percentage points between Meta, the strongest, and Alphabet, the weakest. The reason for Amazon's decline is not stated in the sources used here, since its results came out after the close. How Alphabet and Amazon open could show whether the earnings reaction spreads to other companies spending heavily on AI.

Chart, Previous session: change at the close (%): META 1.96%; AAPL 1.48%; MSFT -0.16%; TSLA -0.23%; NVDA -0.8%; AMZN -4.25%; GOOGL -12.64%. Source: Alpaca daily bars, regular session.

Chart, Five sessions, 2026-10-22 to 2026-10-29 close (%): TSLA 7.67%; MSFT 1.74%; NVDA 0.68%; AAPL 0.2%; AMZN -2.63%; META -3.75%; GOOGL -12.46%. Source: Alpaca daily bars, regular-session closes.

Written with AI assistance from verified market data and the cited reporting; published after automated checks of every figure.

Sources: Alpaca Market Data (consolidated feed, 15-minute-delayed history), docs.alpaca.markets, sec.gov, sec.gov, cnbc.com, cnbc.com, sec.gov

For information only; not investment advice. The publisher may hold positions in the securities discussed.

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