{"id":73817,"date":"2026-10-29T09:38:17","date_gmt":"2026-10-29T13:38:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-rout-and-ecb-policy-shift-rattle-global-markets-alphabet-and-fortinet-plunge\/73817\/"},"modified":"2026-10-29T09:38:17","modified_gmt":"2026-10-29T13:38:17","slug":"tech-rout-and-ecb-policy-shift-rattle-global-markets-alphabet-and-fortinet-plunge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-rout-and-ecb-policy-shift-rattle-global-markets-alphabet-and-fortinet-plunge\/73817\/","title":{"rendered":"Tech Rout and ECB Policy Shift Rattle Global Markets; Alphabet and Fortinet Plunge"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Alphabet (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>) shares plummeted 13%<\/strong>, erasing approximately <strong>$489 billion<\/strong> in market value as tech volatility gripped the Nasdaq.<\/li>\n<li><strong>The European Central Bank (ECB) held interest rates steady<\/strong> at 2.50% but warned that energy shocks related to the <strong>Iran war<\/strong> pose significant upside risks to inflation.<\/li>\n<li><strong>Fortinet (<a href=\"\/stock\/FTNT\">FTNT<\/a>) and ServiceNow (<a href=\"\/stock\/NOW\">NOW<\/a>) saw massive sell-offs<\/strong>, with Fortinet dropping <strong>27%<\/strong> in its worst day on record and ServiceNow sinking <strong>22%<\/strong>.<\/li>\n<li><strong>Eli Lilly (<a href=\"\/stock\/LLY\">LLY<\/a>) defied the broader market slump<\/strong>, hitting a <strong>record high<\/strong> at the open after raising its financial outlook.<\/li>\n<li><strong>The Euro fell to its lowest level since May 2025<\/strong> as traders pared back bets on future rate hikes following the ECB&#39;s &quot;meeting-by-meeting&quot; guidance.<\/li>\n<\/ul>\n<h2>Tech Sector Faces Massive Liquidation<\/h2>\n<p>The technology sector experienced a brutal opening session on Thursday, led by a historic collapse in <strong>Alphabet (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>)<\/strong>. The search giant saw its shares dive <strong>13%<\/strong>, a move set to wipe out nearly <strong>half a trillion dollars<\/strong> in shareholder wealth. This massive drag contributed to the <strong>Nasdaq<\/strong> falling <strong>362.53 points, or 1.37%<\/strong>, shortly after the opening bell.<\/p>\n<p>Software and cybersecurity firms were hit even harder by the wave of selling. <strong>Fortinet (<a href=\"\/stock\/FTNT\">FTNT<\/a>)<\/strong> shares cratered <strong>27%<\/strong>, marking the company&#39;s <strong>worst single-day performance on record<\/strong>. Meanwhile, <strong>ServiceNow (<a href=\"\/stock\/NOW\">NOW<\/a>)<\/strong> plunged <strong>22%<\/strong>, representing its most significant intraday drop since 2016, as investors reassessed valuations across the enterprise software landscape.<\/p>\n<h2>ECB Holds Rates Amid Geopolitical Uncertainty<\/h2>\n<p>The <strong>European Central Bank<\/strong> maintained its deposit facility rate at <strong>2.50%<\/strong> and the main refinancing rate at <strong>2.65%<\/strong>, matching economist expectations. However, the Governing Council highlighted that it is &quot;well positioned to navigate <strong>Iran war uncertainty<\/strong>,&quot; noting that increased energy shocks are likely to drive up headline inflation in the near term.<\/p>\n<p>The central bank&#39;s statement remained cautious, emphasizing a <strong>&quot;meeting-by-meeting approach&quot;<\/strong> and clarifying that it is not pre-committed to any particular rate path. Following the announcement, the <strong>Euro<\/strong> tumbled to its lowest point against the dollar since May 2025, while the <strong>EUR\/GBP<\/strong> pair hit its lowest level since April 2025. Traders responded by paring back future hike bets, now pricing in only <strong>68bps<\/strong> of tightening by the end of 2027.<\/p>\n<h2>Mixed Performance in Broader Markets<\/h2>\n<p>Despite the tech-heavy Nasdaq&#39;s struggle, the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a><\/strong> and <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> saw more moderate declines, falling <strong>0.51%<\/strong> and <strong>0.52%<\/strong> respectively. Market sentiment was partially supported by a standout performance from <strong>Eli Lilly (<a href=\"\/stock\/LLY\">LLY<\/a>)<\/strong>. The pharmaceutical giant&#39;s shares surged to a <strong>record high<\/strong> at the open after the company raised its full-year outlook, providing a rare bright spot in a sea of red.<\/p>\n<p>In the fixed income market, the <strong>French-German 10-year yield spread<\/strong> narrowed by <strong>4bps to 150bps<\/strong> following the ECB decision. While underlying inflation is viewed as &quot;broadly stable,&quot; the central bank warned that energy prices continue to pose <strong>downside risks to the growth outlook<\/strong>, even as wages have yet to show a material response to current economic pressures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Alphabet (GOOGL) shares plummeted 13%, erasing approximately $489 billion in market value as tech volatility gripped the Nasdaq. 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