Market Sentiment & Broad Trends

Tech Selloff & Sector Rotation: Major technology stocks experienced a notable selloff, triggering a broader market rotation. Investors shifted capital into the broader equity market and sought safety in U.S. Treasury bonds.
AI Sustainability Concerns: Alphabet shares plunged following disappointing sales numbers, reviving investor doubts and scrutiny regarding the sustainability and immediate financial return of massive artificial intelligence (AI) capital expenditures.

Major Corporate Earnings Highlights

Amazon ($AMZN): Reported Q3 net sales of $201.9B (est. $202.26B) with an EPS of $1.89 (est. $1.97). AWS net sales grew strongly to $45.98B. However, shares dipped in after-hours trading as high spending to meet expanding AI infrastructure demand weighed on sentiment.
Intel ($INTC): Posted Q3 adjusted EPS of $0.52 on $16.51B in revenue, but issued a weaker-than-expected Q4 revenue forecast ($15B to $16B) and noted that server chip supply has been constrained by a fire at an Israeli plant.
Starbucks ($SBUX): Beat expectations with a Q4 adjusted EPS of $0.80 and reported a global comparable sales increase of 7.2%.
Coinbase ($COIN): Met Q3 revenue expectations at $1.22B with transaction revenue hitting $590M, noting that macro headwinds have slowly begun to shift.
Rivian ($RIVN): Posted Q3 revenue of $2.16B (surpassing expectations) alongside an adjusted loss per share of $0.48 and delivered 19,248 vehicles.

Economic Growth & Inflation: Recent economic data showed the U.S. economy expanded at a 3.4% annualized pace in the third quarter, while the Fed's preferred inflation gauge—the PCE price index—rose 0.5% in September.
Energy & Middle East Developments: Oil prices saw downward pressure amid diplomatic efforts in the Middle East, though geopolitical headlines remain fluid (including reports regarding maritime security incidents in the Strait of Hormuz and discussions involving U.S. leadership on military options).
Additionally, the U.S. Energy Department announced that companies are borrowing 16.75 million barrels of crude oil from the Strategic Petroleum Reserve (SPR).