11/02/2026
Weekly Market Insights | Stocks Lower Despite Upbeat Q3 GDP News
Stocks ended last week lower as disappointing Q3 corporate reports led to a tech-led selloff that deepened on Friday.
The Standard & Poor’s 500 Index slipped 0.57 percent, while the Nasdaq Composite Index declined 2.00 percent. The Dow Jones Industrial Average fell 0.85 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.85 percent.1,2
Early Enthusiasm
The AI trade got a fresh boost to kick off the week as one of the largest AI platforms filed for an initial public offering. Investors also appeared upbeat about one of the biggest weeks for Q3 corporate earnings results.
Monday’s momentum extended into Tuesday’s session, while falling oil prices over both days added to investor enthusiasm.3
Then midweek, the Fed held rates steady as expected, which was met with mixed trading. But all three averages closed modestly higher on Wednesday. Over the first three days of the week, the Nasdaq rose more than 2 percent and the S&P 500 added more than 1½ percent.4
Thursday’s session opened on a down note following mixed Q3 corporate results from two of the largest tech giants. Despite a stronger-than-expected gross domestic product (GDP) report and the fact that seven out of the 11 S&P 500 sectors advanced, stocks remained under pressure throughout the day.5
Then Friday, the tech-led selloff deepened as traders appeared to favor more defensive sectors as the month closed out. The Nasdaq declined nearly 3 percent over the session.6
Upbeat Q3 GDP Report
The Fed’s decision last Wednesday to keep short-term interest rates unchanged was expected. But two Fed officials voted for raising rates, which was a bit of a surprise.7
Another surprise last week was news that the economy grew 3.4 percent in Q3, according to the Commerce Department’s initial estimate. That beat economists’ expectations of 3.1 percent growth but, more importantly, marked an acceleration from Q2, when GDP grew 2.2 percent.8
This Week: Key Economic Data
Monday: Purchasing Managers Index (PMI)—Manufacturing. Construction Spending.
Tuesday: Job Openings & Labor Turnover. Factory Orders.
Wednesday: ADP National Employment Report (private sector). Trade Balance. PMI—Services.
Thursday: Productivity and Costs. Weekly Jobless Claims.
Friday: Employment Report. U. Michigan Consumer Survey. Consumer Credit.
Source: Investor’s Business Daily - Econoday economic calendar: October 30, 2026.
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
This Week: Companies Reporting Earnings
Monday: Apple Inc. (AAPL), Palantir Technologies Inc. (PLTR), Vertex Pharmaceuticals Incorporated (VRTX), Marriott International, Inc. (MAR)
Tuesday: Advanced Micro Devices, Inc. (AMD), Amgen Inc. (AMGN), Arista Networks, Inc. (ANET), Pfizer Inc. (PFE), Eaton Corporation (ETN), Marathon Petroleum Corporation (MPC), Booking Holdings Inc. (BKNG)
Wednesday: QUALCOMM Incorporated (QCOM), McDonald’s Corporation (MCD), Uber Technologies, Inc. (UBER), CVS Health Corporation (CVS), McKesson Corporation (MCK), Datadog, Inc. (DDOG)
Thursday: ConocoPhillips (COP), Cloudflare, Inc. (NET), Parker-Hannifin Corporation (PH), The Southern Company (SO), Airbnb, Inc. (ABNB), Duke Energy Corporation (DUK)
Friday: Berkshire Hathaway Inc. (BRK.A/BRK.B)
Source: Zacks, October 30, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
Source: YCharts.com, October 31, 2026. Weekly performance is measured from Monday, October 26 to Friday, October 30. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.