Market brief
Fed holds, Alphabet slides, ServiceNow drops – Market Brief, Oct 29, 2026
Published Oct 29, 2026
The Fed left rates unchanged as Alphabet and ServiceNow shares fell after results, Lilly raised its outlook, and GDP and inflation data are due.
Takeaway: The Federal Reserve issued its policy statement on Wednesday and, according to press coverage, did not raise rates. Attention now turns to GDP and inflation figures due Thursday morning, while a heavy day of earnings saw Alphabet and ServiceNow shares fall sharply in early trading and Eli Lilly lift its outlook again.
Fed stands pat ahead of GDP and inflation data
The Federal Reserve published its FOMC statement on Oct 28. MarketWatch reports the Fed held off on a rate increase, and that GDP and inflation readings are scheduled for 8:30 a.m. Eastern on Thursday. The Bureau of Labor Statistics' latest indicators show consumer prices up 0.6% in September 2026, unemployment at 4.2%, payroll employment up 29,000 and average hourly earnings up $0.05.
Why it matters. The FOMC sets the short-term interest rate that influences borrowing costs across the economy. With prices still rising and job growth modest, the data due Thursday could shape the debate over whether a rate increase comes in December, as MarketWatch suggests.
Sources: Federal Reserve · U.S. BLS · MarketWatch
Alphabet shares fall despite cloud growth
MarketWatch reports Alphabet's stock could see its worst drop in years after its latest results, saying a doubling of cloud revenue did not satisfy investors who are more worried that AI is weighing on the company's ability to earn money from search queries.
Why it matters. Search advertising has long been Alphabet's main profit engine, so doubts about how AI changes that may matter more to investors than fast growth elsewhere. The site's latest Alphabet analysis showed Q3 2026 revenue of $127.6B (+24.7%) and EPS of $2.12 (-26.1%).
Sources: MarketWatch
ServiceNow slides after third-quarter results
Shares of ServiceNow fell nearly 18% in premarket trading Thursday as investors worked through its third-quarter earnings, putting the stock on track for its largest decline on record, MarketWatch reported. The article notes JPMorgan pointed to a positive element in the results.
Why it matters. ServiceNow sells workflow software to large organizations, so its reception may be read as a signal on corporate software spending. The site's latest ServiceNow analysis showed Q3 2026 revenue of $4.1B (+20.5%) and EPS of $0.27 (-43.8%).
On this site: NOW Q3 2026 analysis
Sources: MarketWatch
Lilly lifts guidance a third time on Zepbound
MarketWatch reports Eli Lilly raised its outlook for the third time this year as sales of its weight-loss drug Zepbound climbed, and that the GLP-1 treatment continues to lead the U.S. prescription weight-loss market.
Why it matters. Raising guidance means a company now expects better results than it previously told investors. Lilly's dependence on obesity drugs may make its results a reference point for the wider pharmaceutical sector. The site's latest Lilly analysis showed Q2 2026 revenue of $23.0B (+47.7%) and EPS of $7.94 (+26.2%).
Sources: MarketWatch
A wave of 8-K earnings filings hits EDGAR
More than a dozen companies filed 8-K reports with the SEC on Thursday morning disclosing quarterly results, including Bristol Myers Squibb, Carrier Global, Linde, DoorDash, Altria, Baxter International, Howmet Aerospace, Huntington Ingalls, WEC Energy Group, West Pharmaceutical Services, Leonardo DRS, Allegro MicroSystems, CCC Intelligent Solutions and Bicycle Therapeutics. Criteo separately filed an 8-K covering a change among its directors or officers. The filings list the items disclosed but no figures.
Why it matters. An 8-K under Item 2.02 is the official notice that a company has released results; the detailed numbers sit in the attached press releases. The breadth of filings on a single morning may mean several sectors — industrials, healthcare, utilities and consumer internet — report on the same day.
On this site: BMY Q2 2026 analysis · CARR Q2 2026 analysis · DASH Q2 2026 analysis
Sources: SEC EDGAR (8-K) · SEC EDGAR (8-K) (2) · SEC EDGAR (8-K) (3) · SEC EDGAR (8-K) (4) · SEC EDGAR (8-K) (5) · SEC EDGAR (8-K) (6) · SEC EDGAR (8-K) (7) · SEC EDGAR (8-K) (8) · SEC EDGAR (8-K) (9) · SEC EDGAR (8-K) (10) · SEC EDGAR (8-K) (11) · SEC EDGAR (8-K) (12)
Samsung posts outsized quarter, comments on memory
MarketWatch reports Samsung Electronics earned nearly as much as Microsoft and Alphabet combined in its latest quarter, describing it as a quarter no other technology company has seen, and covers what the company is now saying about the outlook for memory chips.
Why it matters. Memory chips are a core input for data centers and phones, so Samsung's comments on demand may be read as a signal for other chipmakers and their customers.
On this site: MSFT Q1 2027 analysis
Sources: MarketWatch
What to watch next
- U.S. GDP and inflation readings due 8:30 a.m. Eastern Thursday, per MarketWatch
- Whether the data strengthens the case for a December rate move, as MarketWatch frames it
- Press releases attached to Thursday's 8-K filings from Bristol Myers Squibb, Carrier, Linde, DoorDash and others
- Medicare's test of AI-run prior authorizations, which MarketWatch says coincided with a large drop in medical services
This brief is compiled from public feeds (official releases, SEC filings and financial press headlines). It paraphrases and links to each source and may miss context in the full articles, so check the linked sources before relying on it. For information only; not investment advice.
Related analyses
- Bristol Myers Squibb (BMY) · Q3 2026Revenue $13.1B (+6.9%) · EPS $1.05 (-2.8%)
Bristol Myers Squibb's Q3 2026 revenue rose 6.9% to $13.07B as Eliquis jumped 25% after a U.S. list-price cut, but $1.56B of acquired-IPRD deal charges cut GAAP EPS 3% to $1.05 and adjusted EPS 17% to $1.35; BMS raised 2026 revenue guidance to ~$49.75–50.25B.
- Carrier Global (CARR) · Q3 2026Revenue $6.3B (+12.3%) · EPS -$3.16 (-772.3%)
Carrier Global's Q3 2026 sales rose 12% to $6.26B (organic +15%) and adjusted EPS rose 30% to $0.87, about $0.10 of it from IEEPA tariff refunds, while a $3.1B Europe goodwill impairment produced a GAAP loss of $3.16 a share; orders rose ~35%.
- DoorDash (DASH) · Q3 2026Revenue $4.6B (+34.0%) · EPS $1.06 (+92.7%)
DoorDash's Q3 2026 revenue rose 34% to $4.62B (23% excluding Deliveroo) and EPS nearly doubled to $1.06, though operating income rose a cleaner 71% once a year-ago $81M hedge loss is set aside; it also agreed to buy Instacart for about $17B.
- ServiceNow (NOW) · Q3 2026Revenue $4.1B (+20.5%) · EPS $0.27 (-43.8%)
ServiceNow's Q3 2026 revenue rose 20.5% to $4,106M and beat its own guidance, but GAAP EPS fell 44% to $0.27 as Armis/Veza amortization, severance and interest on acquisition debt rose; adjusted EPS was $1.00 (+5%).
For information only; not investment advice.