Market Wrap, 29 de outubro de 2026

The S&P 500 ETF closed down roughly 0.4% to 0.6% through the session, as a historic split opened up inside the index: megacap growth and software names were crushed on earnings even where guidance improved, while value, cyclicals and defense stocks rallied hard. Alphabet fell about 13%, erasing roughly $489 billion in market value, despite Sundar Pichai citing the fastest query growth in five years, because Q3 revenue of $128.09 billion missed the roughly $132 billion expected. ServiceNow sank as much as 26.6% in its worst intraday drop since 2016 even after raising full-year subscription revenue and free cash flow targets, and Fortinet plunged over 20% to its worst day on record despite beating on EPS and raising guidance. Marvell Technology also dropped sharply. The market is effectively pricing AI infrastructure capex and cybersecurity spending very differently from the hardware side of the trade.

On the other side of the ledger, Carvana jumped as much as 16%, Huntington Ingalls Industries gained more than 13%, Leonardo DRS rose over 12%, and Eli Lilly hit a record high, up more than 6%, after raising full-year revenue guidance to $91-92 billion from $85-87 billion on Mounjaro and Zepbound demand. Gen Digital surged on raised guidance, and defense-linked funds such as the Aerospace & Defense ETF and Defense ETF were among the day's strongest sector proxies.

Macro data added to the inflation debate: third-quarter GDP ran at 3.4%, while the September PCE price index rose 0.5% month over month, hotter than the prior 0.3%, even as the year-over-year PCE reading of 3.1% came in below the 3.4% expected. Trump called the GDP print a historic growth level. The ECB held its deposit rate at 2.50% as expected, but Lagarde struck a hawkish tone, warning the energy shock is likely to lift inflation and that risks are skewed to the upside, sending the euro to its lowest since May 2025 even as she confirmed she will step down on February 7, 2027.

Oil pulled back, with US crude settling at $102.00 a barrel, down 0.76%, even as the Strait of Hormuz situation deteriorated: Iran's state broadcaster reported another tanker struck a mine, a tanker was reportedly hit by a projectile during an outbound transit, and Houthis claimed an attack on Saudi Arabia's Ras Tanura refinery. Exxon Mobil and Chevron pulled executives from next week's ADIPEC conference in the UAE on security grounds. Gold and silver fell as rate-hike expectations and dollar demand built, with silver down 3% to $52.40 an ounce.

Company News

DoorDash agreed to acquire Instacart for $65.00 per share in cash and stock, an equity value of about $17 billion, with a $13.0 billion bridge financing commitment from JPMorgan.
Amazon reported EPS of $1.89, missing estimates, with revenue of $201.94 billion versus $206.29 billion expected; AWS growth topped 39% year over year.
Caterpillar beat on EPS but fell sharply in trading; CEO Joe Creed cited record backlog.
Merck raised full-year sales and EPS guidance on strength from new oncology and immunology data.
Gilead Sciences raised full-year product sales guidance to $31.0-31.3 billion on its strongest base-business growth in over a decade.
Clorox named Fabian Garcia as CEO, succeeding Linda Rendle effective January 5, 2027.
Sandisk announced an eight-for-one stock split effective November 19.
CRH cut full-year guidance sharply, citing the Arcosa acquisition timing, cost inflation and weaker residential activity.
Xerox suspended its dividend and cut guidance, citing intensifying headwinds.