{"id":73803,"date":"2026-10-29T06:07:17","date_gmt":"2026-10-29T10:07:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-sell-off-weighs-on-nasdaq-as-earnings-season-hits-high-gear\/73803\/"},"modified":"2026-10-29T06:07:17","modified_gmt":"2026-10-29T10:07:17","slug":"tech-sell-off-weighs-on-nasdaq-as-earnings-season-hits-high-gear","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-sell-off-weighs-on-nasdaq-as-earnings-season-hits-high-gear\/73803\/","title":{"rendered":"Tech Sell-Off Weighs on Nasdaq as Earnings Season Hits High Gear"},"content":{"rendered":"

The U.S. stock market presents a bifurcated landscape this Thursday, October 29th, 2026, as a heavy slate of corporate earnings and fresh economic data spark volatility across major sectors. While blue-chip and small-cap stocks are finding some footing, the tech-heavy indices are under pressure following disappointing updates from industry giants.<\/p>\n

Market Index Performance<\/h2>\n

As of mid-morning trading, the major market averages are moving in opposite directions. The Nasdaq Composite (QQQ<\/a>) is the day\u2019s notable laggard, falling 0.95% as investors rotate out of high-growth technology names. The broader S&P 500<\/a> (SPY<\/a>) is also seeing modest pressure, down 0.19%.<\/p>\n

In contrast, the Dow Jones<\/a> Industrial Average (DIA<\/a>) is showing resilience, gaining 0.56%, supported by strong performances in defensive and value-oriented sectors. Small-cap stocks are also outperforming the large-cap tech sector, with the iShares Russell 2000 ETF (IWM<\/a>) rising 0.58%.<\/p>\n

Sector-wise, defensive plays are leading the charge. Consumer Staples (XLP<\/a>) and Health Care (XLV<\/a>) have climbed 1.47% and 1.43%, respectively. However, the Technology Select Sector (XLK<\/a>) has dropped 1.06%, and Communication Services (XLC<\/a>) has slumped 1.37%.<\/p>\n

Major Stock News and Premarket Movers<\/h2>\n

The primary driver of today's tech weakness is Alphabet Inc. (GOOG<\/a>), which saw its shares tumble 9.8% in active trading. The move comes amid heightened scrutiny over its capital expenditures and competitive positioning in the AI space. In the semiconductor space, Micron<\/a> Technology, Inc. (MU<\/a>) fell 3.0%, while the VanEck Semiconductor ETF (SMH<\/a>) declined 1.72%, reflecting a broader cooling in the "AI trade."<\/p>\n

In the cybersecurity sector, Fortinet, Inc. (FTNT<\/a>) plummeted 25.6% following its latest corporate update, while ServiceNow, Inc. (NOW<\/a>) dropped 17.8%.<\/p>\n

On the positive side, Glaukos Corporation (GKOS<\/a>) surged 18.0% in early activity. In the retail space, Sprouts Farmers Market, Inc. (SFM<\/a>) faced a sharp reversal, falling 23.8%.<\/p>\n

Earnings Blitz and Upcoming Events<\/h2>\n

Today marks one of the busiest days of the third-quarter earnings season. Before the opening bell, several heavyweights reported results:<\/p>\n