The week of Oct 26–30, 2026: Alphabet loses $496 billion, Intel and ServiceNow plunge, Brazil falls 18%

The Nasdaq lost 2.00% in the five sessions to October 30, 2026, closing at 25,437, and the S&P 500 lost 0.57%, to 7,580. The average stock did better: the Russell 2000 rose 1.29% and the equal-weight S&P 500 (RSP) 0.82%, and 96 of the 163 companies worth at least $100 billion ended the week higher, with a median change of +0.99%. As in the week before, the week came in two halves. The S&P rose in each of the first three sessions, to 7,744 on Wednesday, the day of the Federal Reserve decision, then fell 0.30% on Thursday and 1.82% on Friday.

The Federal Reserve held its target range at 3.75% to 4% on October 28, by a 10–2 vote. The two dissenters, Lisa Cook and Beth Hammack, preferred to raise it by a quarter point. The statement says “Economic activity is expanding at a strong pace” and “Inflation remains elevated.” The 10-year yield rose 5 basis points that day, to 5.05%, and gave it back on Thursday and Friday. Gold fell 2.7%, below $4,000, and is down 13.3% in 2026.

Health care led, communication services and technology fell

Among companies worth $100 billion or more, the biggest gainers were Eli Lilly (+11.3%), Gilead Sciences (+9.4%), SK hynix (+8.9%), AstraZeneca (+8.8%), KLA (+8.5%) and Tesla (+7.4%). The biggest decliners were ServiceNow (−33.9%), Intel (−24.4%), Petrobras (−15.7%), Marvell Technology (−14.1%), Santander (−12.9%) and Alphabet (−12.6%). Tesla filed no 8-K during the week, and no filing explains Marvell’s drops of 13.2% on Thursday and 10.0% on Friday; its only 8-K was a new revolving credit agreement signed on October 22.

The twelve largest companies lost $845 billion of market value between them. Alphabet fell 12.6%, a loss of $496 billion; SpaceX fell 8.7%, or $173 billion, and Nvidia 3.0%, or $153 billion. Eli Lilly (+11.3%, +$128 billion) and Tesla (+7.4%, +$109 billion) gained the most.

Earnings: Alphabet, ServiceNow, Intel, Lilly

Alphabet reported after the close on October 28: revenue of $127.6 billion, up 25%, with Google Cloud up 103% to $30.7 billion. Purchases of property and equipment were $51.4 billion in the quarter, and free cash flow was negative $9.1 billion, the second negative quarter in a row. On October 29, the first session after the report, the stock fell 12.64%. Microsoft reported the same evening — revenue of $92.3 billion, up 19%, with Microsoft Cloud up 30% — and was little changed the next day (−0.16%).

ServiceNow also reported after the close on October 28. Its release says it beat the high end of its guidance and raised its full-year outlook, with subscription revenue up 21% to $3.99 billion; the stock fell 26.95% the next day, and no filing explains the drop. Intel reported after the close on October 29: revenue of $16.5 billion, up 21%, and a forecast of $15.0 billion to $16.0 billion for the fourth quarter. It fell 28.58% on October 30, after rising in the first three sessions of the week. Several chip stocks fell the same day — SanDisk 13.5%, Qualcomm 11.1%, AMD 10.9%, Dell 10.8% and Marvell 10.0% — and the filings do not say why.

Eli Lilly reported before the open on October 29: revenue of $24.4 billion, up 39%, driven primarily by Mounjaro and Zepbound, and it raised the midpoint of its 2026 revenue guidance by $5.5 billion, to $91.0 billion to $92.0 billion. The stock rose 6.63% that day and 3.19% on Friday. Amazon fell 4.25% on October 29, before its report that evening (net sales of $201.9 billion, up 12%, and AWS up 39.3%), and 1.41% the next day. Gilead rose 4.03% on October 29, also before its report. Caterpillar (−9.25% on October 29) and Boeing (−10.69% on October 27) reported before the open; their releases do not explain the declines.

Brazil after the election

Lula was re-elected president of Brazil on Sunday, October 25, with 51.79% of the valid votes, according to the electoral authorities. On Monday the Ibovespa fell 13.88%, its biggest drop since 2020, as the result went against market expectations of a victory by Senator Flávio Bolsonaro, according to Reuters. It ended the week down 18.1%, and the iShares MSCI Brazil ETF (EWZ) lost 23.8%; from Tuesday to Friday both fell another 4.9%. In New York, Brazil-focused stocks fell from 7.8% to 53%: XP lost 53.0%, Bradesco 37.4%, Itaú Unibanco 26.3% and Petrobras 15.7%. Of the 22 Brazilian stocks we follow, only the exporter Suzano rose (+6.9%).

The largest insider purchase: MSC Industrial

The largest open-market purchase filed during the week was by MSC Industrial director Mitchell Jacobson, who bought 250,000 shares for $28.98 million on October 23. Accenture chair and chief executive Julie Sweet bought $3.0 million of stock on October 26, and Truist chief executive Michael Lyons $1.21 million on October 28. Two larger filings were not open-market buys by insiders: $20.4 million at Rapport Therapeutics was bought by venture funds in a public offering at $21.00 a share, and $6.1 million at Scholar Rock was bought by a fund.

Crypto: the weekly close

Bitcoin closed the crypto week — Sunday, November 1, at midnight UTC — at $78,231 on Coinbase, down 2.28% from the previous Sunday. Over the same Friday-to-Friday window as stocks it fell 4.81%, and it recovered 1.36% over the weekend. Ether fell 2.34% for the crypto week, to $2,272.23. HYPE rose 15.1%. On October 30, Binance said: “At around 2026-10-29 20:05 (UTC), our hot wallets were compromised, resulting in a loss of approximately $6.3B USD worth of token assets.” It added that it had set aside more than $6.34 billion to cover users; the announcement does not discuss bitcoin’s price.

Crypto treasury companies: mNAV

mNAV compares what the stock market pays for a crypto treasury company with the value of the crypto it holds. With the shares at the October 30 close and the coins at 14:00 UTC on November 1, two of the seven largest U.S.-listed treasury companies traded above their crypto on enterprise value — market value plus debt and preferred stock, minus cash: Strive at 1.32 and Strategy at 1.06. On market value alone, all seven traded below it. Strive fell 23.4% and Strategy 10.6% in the week; Hyperliquid Strategies rose 25.4%. The filings do not say why.

Strategy’s figures now come from its September 30 balance sheet, published with its third-quarter results on October 29; the stock fell 7.84% the next day. Its chief financial officer, Andrew Kang, is leaving on November 5, “due to personal reasons,” according to the filing. Strive’s October 23 snapshot includes its new SATS preferred stock. The method, and the limits of the BitMine and Hyperliquid snapshots, are explained in the full treasury analysis.

Stock prices are Yahoo Finance closes; oil and gold use the official settlement for the same contract on both dates; crypto uses the UTC-day close from Coinbase. The mNAV coin prices are taken at 14:00 UTC on Sunday, November 1, while the shares are at Friday’s close; between the two, bitcoin rose 1.5%. The documents behind each fact are listed below. This is a description of the week, not a forecast and not investment advice.