Alphabet Plunges 12.6% and Intel Falls 28.6% as Nasdaq Slumps
thePropTrade Week – Sunday 1 November 2026
5 min read
- November 1, 2026
Hi Traders,
Hope you had a good week. Here’s what moved markets this week, and what’s coming up next.
Central banks held the line, but stocks did not. The Fed, ECB and RBNZ held rates, while technology shares tanked on Thursday and Friday after earnings misses from Alphabet and Intel. The Nasdaq lost 6.6% in October, and gold and Bitcoin both fell more than 3% on Friday.
Missed last week’s action? Catch up on last week’s recap, where Thursday wiped out early-week gains and Brent closed above $117. The 10-year yield also broke under 5% for the first time in nearly three weeks.
Fed, ECB and RBNZ Hold Rates, Bank of Canada Hikes
The Fed, the ECB and a surprised RBNZ all held rates unchanged, which only adds pressure for hikes in December. Markets now price a 90% chance of a Fed hike in December and 79% for the ECB.
The RBNZ’s surprise hold sank the Kiwi dollar, which lost close to 2% at one point on Wednesday before recovering. The Bank of Canada raised rates as expected. The Bank of Japan also held, but the market took the statement and comments from Governor Ueda as a hawkish hold. Hotter inflation readings in Japan have still not been enough to lift the Yen, though USD/JPY closed the week higher for the first time in three.
Alphabet Falls 12.63% and Intel Loses 28.58% in a Day
Stock markets tanked on Thursday and Friday, led by the technology sector. The first catalyst was Alphabet’s earnings miss. Its shares fell 12.63% on Thursday, wiping more than $500 billion off the company as worries over AI spending continued.
Intel missed earnings too, and lost 28.58% on Friday alone, its worst day since 1974. Amazon also missed. Microsoft’s news was more positive, with strong earnings across the group. On Monday it also said 60,000 employees, 27% of its workforce, will be offered redundancy packages as jobs disappear.
Nasdaq Has Its Worst Month Since August 2025
The Nasdaq lost 6.6% in October, its worst month since August 2025. It is still up more than 9% for 2026, but it is in correction territory, close to 10% below its all-time high.
The S&P 500 lost 1.82% on Friday and closed the week at 7,580, 43 points below the previous week’s close. That leaves it just under 3% below its all-time high.
Anthropic Files for Its IPO
Anthropic filed for its IPO this week, likely to list before Thanksgiving at the end of November. The filing carries warnings of an “existential threat to humanity”. It also projects 2026 revenue topping $40 billion, after a first-half loss of $80.7 billion.
Strong US Data as the 10-Year Dips Back Below 5%
US economic data was broadly positive. Consumer sentiment rose to 91.7, a four-month peak, and GDP grew 3.4%, a 12-month high. Both beat expectations. The core PCE Price Index came in at 3.1%, in line with forecasts.
The Dollar remains in demand and yields ticked up again during the week. The key US 10-year yield dipped back below 5% to close the week.
Gold Hits a 12-Month Low, Bitcoin Has Its First Down Month Since June
Gold and Bitcoin struggled to hold $4,000 and $80,000, and both fell more than 3% on Friday. Gold closed at $3,875, a 12-month low. Bitcoin closed at $76,900 and finished October lower, its first down month since June.
Brent Tops $118.50 Before Closing at $116.80
Oil held its bid amid uncertainty over what may happen in the Iran war after the US midterm elections. Brent topped $118.50 this week before closing on Friday at $116.80.
Week Ahead: Jobs Week, BoE and RBA, and the US Midterms
November starts with jobs week, and the BoE and RBA both announce rate decisions. A slew of PMI data follows, and the critical US midterm elections are on 3 November.
Happy trading, everyone.
Written by Stuart Cowell, Head of Education