Big Tech sends stocks lower

Megacap tech dragged down the S&P 500 and Nasdaq-100 as every BATMMAAN stock was in the red except for Alphabet and Apple. The AI trade was off as investors expressed concerns about Meta's big spending plans.

Your Evening Briefing October 30, 2025 Big Tech sends stocks lower Megacap tech dragged down the S&P 500 and Nasdaq-100 as every BATMMAAN stock was in the red except for Alphabet and Apple. The AI trade was off as investors expressed concerns about Meta's big spending plans. Though the Russell 2000 also fell, it fared slightly better than the benchmark S&P 500 index and tech-heavy Nasdaq 100. Stocks that moved higher: Google had a banner day after it posted fiscal third-quarter earnings that surpassed Wall Street's expectations yesterday evening, helped by big growth in its Google Cloud business. Cloud software giant ServiceNow rose following better-than-expected earnings and the announcement of plans for a 5-for-1 stock split in yesterday's earnings call. Moderna shot higher after STAT reported that the company has flirted with the idea of tying up with a larger drugmaker. Eli Lilly jumped after it reported earnings and revenue results that beat Wall Street expectations, driven by better-than-expected sales of its blockbuster diabetes shot Mounjaro. Critical Metals jumped as China delayed new rare earth export restrictions while leaving past curbs intact. Stocks that moved lower: Meta plunged after posting record revenue in yesterday's earning call, but missed on earnings thanks to a one-time tax charge. The earnings prompted a number of analysts to lower their price targets or downgrade the stock. Nvidia dropped after Trump said he didn't discuss Blackwell chips in his meeting with Chinese President Xi Jinping. Chipotle sank after the company cut its annual sales forecast for the third time this year, warning that spending weakness could persist through 2026. Shares of eBay fell after the company gave a lower-than-expected profit forecast for the important holiday shopping season. Microsoft beat expectations yesterday but the stock dropped. Last quarter, the company offered guidance that its capex spending would be lower in the second half of the fiscal year. Yesterday it said spending would go up. Used car seller Carvana fell after posting worse-than-expected profit after the bell yesterday despite record revenue and vehicle sales. Roblox dropped after warning plans to prioritize safety may weigh on growth next year, overshadowing its Q3 sales beat. Boeing slumped after the meeting between US President Donald Trump and Chinese President Xi Jinping produced no purchase announcements. Analyst Scott Deuschle from Deutsche Bank lowered the stock to "hold" from "buy." Shares of luxury EV maker Lucid dipped lower as traders piled bearish options bets. Big Tech capex approaches $100 billion and Dan Ives loves it AI spending shows no signs of flagging. Read more. Most health insurers beat estimates in Q3, but investors have mixed feelings While generally in line with expectations, medical costs still haven't come down. Read more. POST-MARKET MOVE Amazon CEO Andy Jassy at AWS re:Invent 2024 (Noah Berger/Getty Images) Amazon soars as 3Q earnings, sales beat Wall Street expectations Amazon shares jumped by nearly double-digits after the company beat Wall Street's expectations for third-quarter sales and profit, as revenue from its AWS business soared. Read more. OpenAI has started work on an IPO that could value the company at $1 trillion Maybe there is a limit to the private markets after all? Tesla recalls Cybertruck for 10th time That's a lot of recalls in two years. OpenAI appears to be definitively answering its doubters' biggest question Where will it get all the money? From *everyone.* Core Scientific shareholders vote against acquisition by CoreWeave CoreWeave remains Core Scientific's tenant rather than its owner. Bitwise solana ETF continues to break records despite solana's price slump Despite solana's price sinking along with the rest of the crypto market, the new ETF is off to a strong start. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025