Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, Oct. 26, 2026.
Jeenah Moon | Reuters
Stocks were under pressure Thursday, weighed down by the latest batch of corporate earnings.
The Nasdaq Composite shed 1.3%, while the S&P 500 slipped 0.3%, on pace to snap a three-day advance. The Dow Jones Industrial Average lost 163 points, or 0.3%.
Alphabet lost 12% after it missed expectations on adjusted earnings per share and revenue in the third quarter. The Google parent posted negative free cash flow of $9.07 billion. The company kept its full-year capital expenditures forecast at $195 billion to $205 billion.
Fellow Dow member Caterpillar slid nearly 8%. While the industrial giant reported better-than-expected revenue and earnings for the third quarter, sales in its construction industries business came in slightly below estimates.
Microsoft was also lower, reversing course from its initial advance after growth in the Windows maker’s Azure cloud infrastructure business helped earnings and revenue to beat analyst estimates in its fiscal first quarter ending in September, according to LSEG. The stock was last down more than 1%.
Neoclouds pulled back as Microsoft’s lower-than-expected capital spending commitment pointed to infrastructure partners taking longer to deliver data center capacity. Shares of CoreWeave dropped more than 1%, while Nebius declined more than 3%.
The results come amid heightened scrutiny of the artificial intelligence trade. AI stocks, such as the iShares Semiconductor ETF (SOXX) and the Roundhill Memory ETF (DRAM), have been through a rough patch for most of October, only to perk up in recent days. On Thursday, both funds were lower, with SOXX down more than 1% and DRAM falling almost 4%.
“I think we’re in a better, more stable place in October and heading into November in the tech trade than we were in August and September. But that said, I think investors are becoming much more selective,” said Art Hogan, chief market strategist at B. Riley Wealth Management. “I think we’re in an environment where there’s less concern and negativity over tech writ large, but I think specifically, you can certainly get announcements from individual players that will move the needle.”
On Wednesday, the Federal Reserve decided to hold steady on rates, leaving the central bank’s benchmark interest rate between 3.75% and 4%. The decision to keep policy unchanged was widely expected after the Federal Open Market Committee raised rates a quarter-percentage point in September.
This time, Fed policymakers said that inflation “remains elevated,” but also that they are awaiting the “accumulation of more information” before taking further steps. The personal consumption expenditures price index — the Fed’s preferred measure of inflation — on Thursday showed that the pace of price increases accelerated in September, with the monthly figure in line with expectations, while the annual rate came in just below Wall Street estimates.
Applied Aerospace jumps 6% after Jefferies names defense company as one of its top cyclical SMID ideas
Jefferies highlighted Applied Aerospace and Defense as one of its top small/mid-cap cyclical ideas. The investment bank rates the company as a buy with a $20 price target, more than 80% above Wednesday’s close. In afternoon trading, AADX is up more than 6%.
CNBC recommended Applied Aerospace and Defense on Oct. 2 as one of the more attractively valued and faster-growing companies in the industry. The stock trades at significant discount to its peers despite being the sole supplier for 87% business. Its customers include SpaceX and Anduril, among others.
In the second quarter, the company reported that adjusted EBITDA rose 38.5% and its backlog swelled to a record $1.13 billion.
AADX, 1-day
— Harvey Stober
Small cap index Russell 2000 on pace for third consecutive positive session
The small cap Russell 2000 index is up 1% on Thursday, while mega caps are going the opposite way.
The small index is positive for the third consecutive session and has rebounded roughly 5% from its mid-October slump. The Russell 200 has returned 15% year-to-date.
Meanwhile, the tech-heavy Nasdaq fell more than 1% on Thursday.
Some of the names pulling the index lower are shares of Amazon, down more than 2% ahead of their third quarter earnings print after the bell.
Alphabet stock tanked 11.6% Thursday on the back of a disappointing quarter late Wednesday.
Microsoft also dipped 1.4% lower.
— Paulina Likos
Healthcare sector hits new all-time high following constituents’ earnings
S&P Health Care sector 1-year chart.
— Davis Giangiulio
Eli Lilly Surges as Strong Earnings and Obesity-Drug Pipeline Lift Outlook
Two Mounjaro KwikPen injection pens are in front of the Eli Lilly logo displayed on a screen in this illustration photo in Athens, Greece, on March 1, 2026.
Nikos Pekiaridis | Nurphoto | Getty Images
Eli Lilly shares rose 8% on Thursday after the drugmaker reported strong third-quarter results and raised its full-year guidance. The company reported revenue of $24.4 billion driven primarily by its obesity drug Zepbound and diabetes treatment Mounjaro. Eli Lilly now expects 2026 revenue to come in between $91 billion and $92 billion, up from a previous guidance of $85 billion to $87 billion.
Earnings for the pharmaceutical company were also up, reaching $7.22 per share from $6.21 a year earlier.
Eli Lilly stock price
“Lilly had another strong quarter, exceeding our prior expectations and allowing us to raise our full-year outlook,” said David A. Ricks, Lilly chair and CEO. “Revenue growth was driven by broad global consumer demand for Mounjaro and Zepbound, the global launches of Foundayo, expanded U.S. coverage for obesity care and a doubling in our newest products in oncology, immunology and neuroscience.
— Deena Zaidi
Stocks open in the red
The three major averages came under pressure on Thursday morning.
The Nasdaq Composite fell 1.4% just after the opening bell, while the S&P 500 declined 0.5%. The Dow Jones Industrial Average shed 296 points, or 0.6%.
— Sean Conlon
U.S. GDP grows faster than expected in third quarter
People shop in a Manhattan store on July 27, 2023 in New York City.
Spencer Platt | Getty Images
The U.S. economy grew by 3.4% in the third quarter, topping a Dow Jones consensus estimate of 3.1%. The better-than-expected expansion came as inflation in September accelerated. The personal consumption expenditures price index increased 0.5% last month, putting annual inflation at a 3.6% clip.
Read the full story here.
— Fred Imbert
DoorDash, Eli Lilly and Norwegian Cruise Line among the stocks making moves before the bell
In addition to Alphabet‘s decline, here are some of the other stocks moving in premarket trading:
- DoorDash, Maplebear — DoorDash said it’s buying the Instacart parent for $65 per share, which is an 11% premium from Maplebear’s closing price on Wednesday. DoorDash also reported a revenue and EBITDA beat for its third quarter. DoorDash rose 7%, while Maplebear was flat after trading resumed on the stock.
- Eli Lilly — The Zepbound and Mounjaro maker handily beat expectations for its third quarter, sending shares 4.5% higher. Eli Lilly saw adjusted earnings of $7.48 per share, compared with the consensus estimate $6.26 a share, per LSEG. Revenue came in at $24.4 billion, topping the $22.61 billion expected from analysts.
- Norwegian Cruise Line — The cruise operator jumped 13% following its beat on the top and bottom lines. Norwegian reported adjusted earnings of $1.12 per share, topping the consensus estimate of 93 cents, according to FactSet. Revenue was $2.95 billion, versus the $2.88 billion anticipated by analysts.
Read the full list of names here.
— Michelle Fox
Chipotle stock pops after mixed earnings
Chipotle Mexican Grill Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, May 4, 2026.
Michael Nagle | Bloomberg | Getty Images
Shares of Chipotle Mexican Grill advanced 7.6% in the premarket Thursday after reporting mixed quarterly results Wednesday.
The fast-food chain delivered in line revenue and a slight miss on earnings per share but reported same-store sales growth for its third straight quarter.
While traffic appeared to soften somewhat at the end of Q3 and into October as consumers continue to face inflation pressures, Chipotle continues on its growth plans, aiming to open between 340 and 360 new company-owned locations in 2027.
CMG, 1-day
— Paulina Likos
U.K. Minister defends bank tax rise
Caterpillar drops despite earnings beat
Caterpillar equipment is parked on a lot at Peterson Tractor Co. in San Leandro, California, on July 24, 2019.
Justin Sullivan | Getty Images
Caterpillar shares slid 9% even after the company reported third-quarter earnings and revenue that beat the Street.
The company earned an adjusted $7.20 per share on revenue of $20.68 billion. Analysts polled by LSEG expected a profit of $7.08 per share on revenue of $20.55 billion. However, sales for its construction industries business came in slightly below estimates.
CAT 5-day chart
— Fred Imbert
Airbus shares rise after mixed quarter as CFO signals confidence in year-end delivery push
Shares of Airbus rose as much as 2.3% after the aircraft maker posted a mixed quarter in which it missed on sales but beat on profits.
The company reported revenue of 17.5 billion euros ($19.5 billion), missing FactSet expectations of 18.1 billion euros. Adjusted earnings before interest and tax amounted to just under 1.8 billion euros, ahead of expectations of 1.75 billion euros.
Airbus faces significant challenges ramping up aircraft production to meet strong demand for fuel-efficient planes, with supply chain constraints, particularly Pratt & Whitney engine shortages, and quality issues slowing deliveries.
The company on Wednesday reaffirmed its target of 870 aircraft deliveries this year, which would surpass its 2019 record of 863. Meeting the target would require 323 deliveries in the fourth quarter.
Despite the heavily backloaded schedule, Airbus CFO Thomas Toepfer told CNBC he was confident it would meet its target, supported by improving supply chain conditions.
“The good thing is, in terms of supply chain, that has really become better than it was a year or two years ago,” Toepfer said, adding that Airbus had the materials it needed in its factories to meet fourth-quarter deliveries.
– Elsa Ohlen
Shell pops 3% as profit nearly doubles to top expectations
Gasoline prices are seen at a Shell gas station in Houston, on Oct. 2, 2026.
Ronaldo Schemidt | AFP | Getty Images
London-listed shares of Shell were 3% higher at an all-time high in morning trade after the oil major reported better-than-expected profit and record refining margins in the third quarter.
Adjusted earnings, the company’s measure of net profit, rose to $10.81 billion from $5.43 billion a year ago, ahead of the $9.92 billion forecast in an LSEG-compiled consensus.
Elevated commodity prices and global tightness in refined products meant the company also announced hiked its quarterly share buyback program to $5 billion from £3 billion.
Shell share price.
— Jenni Reid
Volkswagen sees over $6 billion loss as Chinese market weakness
German automaker Volkswagen recorded a more-than $6 billion loss in its third quarter, amid Chinese market weakness and U.S. tariff costs.
The Porsche and Audi owner on Thursday posted an operating loss of nearly 5.9 billion euros ($6.6 billion), while sales revenue also tanked 6.3% to 75.3 billion euros.
The company recorded 8.7 billion euros in special items, mostly write-downs, with 6.4 billion euros related to Porsche Goodwill and about 1 billion euros on assets in China, as well as costs tied to the planned sales of its Osnabrück plant.
“The nine-month results make one thing clear: We cannot afford to lose any time and must act quickly and decisively,” Volkswagen’s Chief Financial and Chief Operating Officer Arno Antlitz said in the report.
Antlitz said the results were affected by costly U.S. tariffs, a shrinking market in China, and a significant increase in competitive pressure in Europe.
“After nine months, our operating return on sales before special items stands at 3.8 percent. That is too low to continue investing strongly in our future,” he added.
The company has forged ahead with its restructuring program, with announcements this year that it plans to slash 100,000 jobs in total.
Volkswagen was trading below the flatline after the opening bell and is down 34% so far this year.
Volkswagen shares since the beginning of this year.
Volkswagen is forecasting group sales revenue in 2026 of around 315 billion euros for the full year.
— Sawdah Bhaimiya
Carlsberg beer sales continue decline as young and old moderate their alcohol consumption
Carlsberg packaging are seen at a store in Poland on July 15, 2025.
Jakub Porzycki | Nurphoto | Getty Images
Danish Brewer Carlsberg reported a decline in beer sales on Thursday, as consumers across “all generations” moderated their alcohol habits, its CEO told CNBC.
The beverage giant reported that its third-quarter volume grew 5% overall, with soft drinks up 9% and alcohol-free brews rising 11%. However, its premium beer sales declined 3%. The company said revenue grew 5% to 25.3 billion Swedish Kronor ($2.5 billion).
“People are not leaving alcohol, but they are moderating within the category. So they are switching more between alcoholic and non-alcoholic products,” Carlsberg’s CEO Jacob Aarup-Andersen told CNBC’s “Squawk Box Europe” on Thursday.
“What we are seeing is that all generations are moderating… we all talk about the young generations here, but actually, it’s you and me.”
Carlsberg also saw a 6.7% volume decline in Asia, which Aarup-Andersen attributed to a “subdued consumer” in China as well as severe weather across the summer, which impacted beer sales. Aarup-Andersen also said that the European consumer is sensitive to costs and looking for better value.
“Beer and generally beverages is a very resilient category…this is not a luxury good. People see it as an everyday staple,” he said. “But of course there is a price sensitivity, especially in lower mainstream… and across Europe we see affordability as a real issue.”
The company maintained its full-year forecast with operating profit expected to grow between 4% and 6%.
— Sawdah Bhaimiya
European stock markets open the session in the green
The pan-European Stoxx 600 was up 0.11% shortly after 8:10 a.m. in London (4:10 a.m. E.T.) with regional sectors and major bourses mostly higher.
The French CAC 40 advanced 0.67% in Paris. The U.K.’s FTSE 100 was up 0.27% in London, while in Frankfurt, Germany’s DAX moved 0.21% higher. In Milan, Italy’s FTSE MIB was down 0.43%.
Chemicals added 0.97%, and household goods rose 0.91%. The continent’s oil and gas companies rose 0.94%, aided by Shell‘s 1.7% advance in early trade, after the U.K. energy major doubled its quarterly profits year-on-year.
Europe’s banks led losses, down 1.08%. Autos and parts dipped 0.49%, with Volkswagen sliding 1.7% after the opening bell after reporting sharp operating losses in the third quarter. Tech companies fell 0.46%.
— Hugh Leask
Japan’s Nikkei rises 1.1%, South Korea’s Kospi falls 1.2%
Japan’s Nikkei 225 closed 1.10% higher at 64,659.47, while the Topix gained 0.29% to 4,003.28.
South Korea’s Kospi fell 1.24% to 5,937.66 and the tech-focused, small-cap Kosdaq declined 2.34% at 753.23.
Australia’s benchmark S&P/ASX 200 ended 0.5% higher at 8,891.80.
Hong Kong’s Hang Seng index was up 0.24% in its last hour of trade, while mainland China’s CSI 300 closed 1.03% higher at 4,041.84.
— Justina Lee
Renault affirms full-year outlook despite a 6% slide in third-quarter car sales
Journalists and visitors discover the latest innovations in the automotive sector at the Paris Motor Show (Mondial Auto) at Paris Expo Porte de Versailles, an unmissable event bringing together manufacturers, concept cars, mobility technologies and new models presented to the general public and professionals in Paris, France, on October 14, 2026.
Riccardo Milani | Afp | Getty Images
French carmaker Renault is maintaining its full-year outlook on Thursday despite seeing a 6% drop in third-quarter car sales.
The company reported Thursday that third-quarter group sales fell to 497,799 vehicles due to a “backdrop of fierce competition,” while auto revenues stayed flat at 9.8 billion euros ($10.9 billion). The company attributed declining sales to challenging conditions in Turkey and Latin America, particularly Argentina.
Despite this, revenues rose 1.5% to 11.6 billion euros as sales of electric vehicles jumped 84.7% year-on-year and accounted for just over a quarter of passenger cars sold. The company’s shares have declined 25.6% since the beginning of the year.
Renault shares since the beginning of the year.
“Renault Group delivered resilient Q3 revenue, once again demonstrating the strength and agility of our operating model,” Renault’s chief financial officer, Duncan Minto, said in the report.
“This agility was particularly evident in Q3 as we successfully adapted to Europe’s fast-shifting energy mix, leveraging our dual EV and hybrid strategy along with the efficiency of our manufacturing & supply chain setup.”
— Sawdah Bhaimiya
Samsung Electronics third-quarter profit in line with estimates amid rising demand for AI memory chips
South Korean tech giant Samsung Electronics on Thursday reported third-quarter operating profit that is broadly in line with analysts’ expectations, as demand for advanced memory chips used in artificial intelligence applications continued to grow.
Samsung’s revenue rose 126.88% year-on-year and 13.85% from the previous quarter, while operating profit rose 783.11% from a year earlier.
During the third quarter, Samsung Electronics and five of its affiliates announced a combined $1 billion investment in KKR-backed Helix Digital Infrastructure. Samsung Electronics will invest $500 million, with the remaining amount coming from its affiliates.
Samsung has also announced a partnership with French AI startup Mistral AI to use AI technologies in its semiconductor operations, including chip design and manufacturing. The company also led Mistral’s Series D funding round.
—Jenny Lee
Mainland China and Hong Kong shares open mixed
Mainland China and Hong Kong shares were mixed, tracking other Asian markets as investors continue to digest the latest round of earnings.
Hong Kong’s Hang Seng index rose 0.24%, while mainland China’s CSI 300 declined 0.64%.
The gains in Hang Seng were led by healthcare and energy sectors, up 1.64% and 0.45%, respectively.
—Justina Lee
Advantest’s shares surges 8% after company raises outlook
Shares of Advantest rose more than 8% after the semiconductor test solutions provider raised its full-year outlook on expectations that robust market conditions would continue into 2027.
Net income for the second quarter ended September was at 193.3 billion yen, compared with 79.6 billion yen in the same period a year ago.
Net sales in the quarter also surged by more than 81% on-year to 477.7 billion yen, driven by strong demand for semiconductor testing equipment linked to AI applications.
“Barring geopolitical risks and macroeconomic factors, we expect the industry to remain supply constrained, with end-customer demand continuing to exceed supply in CY27,” the company said in its earnings presentation after market hours on Wednesday.
—Justina Lee
Japan’s Nikkei gains 0.6%, South Korea’s Kospi inches higher
Asia-Pacific markets traded broadly higher early Thursday.
Japan’s Nikkei 225 added over 0.58% while the Topix was flat.
The Kospi rose 0.11% at open, while the small-cap Kosdaq fell 0.97%.
Australia’s benchmark S&P/ASX 200 was 0.51% higher.
—Justina Lee
Asia-Pacific markets set to open higher after U.S. Fed holds rates steady
Asia-Pacific markets were set to open broadly higher Thursday, tracking U.S. stocks after the U.S. Fed holds steady on rates.
Japan’s Nikkei 225 was poised to rise, with the Chicago futures contract at 64,595 and its Osaka counterpart last trading at 64,360, compared with the index’s previous close of 63,954.19.
Hong Kong Hang Seng index futures were at 23,103, compared with the index’s last close of 23,094.83.
Australia’s S&P/ASX 200 was 0.47% higher.
Worries over the Middle East war continue to linger. According to the Wall Street Journal, the U.S. has conveyed to Gulf Arab countries to get ready for a intense, short military campaign following the U.S. midterm elections.
—Justina Lee
ServiceNow and other stocks moving in after-hours trading
Shares of ServiceNow plummeted 18% in extended hours trading Wednesday after reporting its third quarter.
The enterprise software company posted adjusted profit of $1 per share, missing the LSEG consensus expectation of $1.02 a share.
Meanwhile, subscription revenue guidance for the fourth quarter ranged from $4.245 billion to $4.255 billion, while the FactSet consensus called for $4.25 billion.
Other stocks moving in extended trading include Chipotle Mexican Grill, Fortinet and Sprouts Farmers Market.
— Paulina Likos
Lumentum shares rise on Bloomberg report that Marvell is in talks to buy optics player
Shares of optics maker Lumentum jumped in extended trading after Bloomberg News reported, citing people familiar, that Marvell Technology is in talks to buy the company.
An acquisition could be announced as early as next week, the people told Bloomberg. These people also told Bloomberg that the details could still change and that a final agreement hasn’t yet been reached.
Lumentum shares surged 11% on the report, while chipmaker Marvell lost more than 8%.
Lumentum and Marvell in the past day
In the artificial intelligence trade, Lumentum has emerged as a winner in the infrastructure space. The company builds optical transceivers and the photonic technology underlying AI and data centers. Shares have surged almost 148% in 2026 alone. In that period, Marvell has rocketed almost 200%.
—Darla Mercado
Amazon set to report third-quarter earnings Thursday evening
Big Tech earnings will continue Thursday with third-quarter results set to come from Amazon after the close.
The Street expects revenue of $202.22 billion, slightly above the high-end of the $197 billion-$202 billion guidance range, according to FactSet.
Investors will be keying in on growth in its cloud computing business, Amazon Web Services. Consensus estimates call for AWS revenue growth of 37.8% year over year, up from last quarter’s 36.8% increase, according to FactSet.
The market will also look at whether there is growing adoption of its custom Trainium chips. Amazon stock is up 10% so far in 2026.
—Paulina Likos
S&P 500 futures and Nasdaq-100 futures open lower
Futures tied to the S&P 500 and the Nasdaq-100 opened lower Wednesday night in New York.
S&P 500 futures fell 0.3% and Nasdaq-100 futures lost 0.8% shortly after 6 p.m. Dow futures were initially up 47 points.
—Darla Mercado