Nasdaq Composite Down 1.23 Percent at 26,222.42 in Midday Trading

The Nasdaq Composite was trading at 26,222.42 at 11:18 a.m. ET on Thursday, October 29, according to Nasdaq. The index was down 327.43 points, or 1.23 percent, from its previous close of 26,549.85. The figure was an intraday reading, not a closing level, and the U.S. regular session remained open.

Alphabet puts AI spending in focus

Technology shares led the pressure after Alphabet's quarterly results revived concerns about whether the huge investment in artificial intelligence will generate sufficient returns. StockTitan reported that Alphabet was down 11.66 percent at 12:01 p.m. ET after the company disclosed slower Google Search revenue growth and negative free cash flow of 9.1 billion U.S. dollars. The report also noted that the company had spent 51.4 billion U.S. dollars on property and equipment.

The reaction contrasted with Microsoft's comparatively stronger earnings response, while several software and semiconductor names also fell. The market response suggested that investors were scrutinizing the cash costs and timing of AI monetization more closely rather than rewarding investment spending on its own. That is an interpretation of the reported market behavior, not a forecast for the index.

Economic data adds policy uncertainty

Investors were also weighing data showing that U.S. gross domestic product grew at a 3.4 percent annual rate in the third quarter, while the personal consumption expenditures price index rose 3.6 percent over the year to September, according to the same StockTitan market report. The combination of resilient growth and persistent inflation kept attention on the Federal Reserve's next policy steps after its decision on Wednesday to leave interest rates unchanged.

The session also included a sharp decline in Caterpillar after the company maintained its annual sales forecast despite reporting quarterly results that exceeded analyst expectations. That move added to concerns about the durability of demand linked to data-center infrastructure, while gains in healthcare stocks provided some offset to the technology weakness.

Index remains in an open-session phase

At the reported time, the Nasdaq Composite had not established a closing level for October 29. Investors were still awaiting further corporate results, including scheduled reports from Intel, Sandisk and Amazon after the market close, as listed in StockTitan's live coverage. The next market moves therefore remained dependent on both additional earnings news and changing expectations for interest rates.

Further coverage of the Nasdaq Composite is available on the Nasdaq Composite topic page.