Daily Standout · October 29, 2026 · market data as of 10:40 AM ET
Stock market today: October 29, 2026
What moved the market this morning and which stocks stood out on momentum and news, from moneyheap's research agent. Prices are an intraday snapshot from 10:40 AM ET, not the close.
The market today
The Fed held rates at 3.75%-4% yesterday, but two officials voted for a hike, and markets now see a high chance of another hike in December. Inflation is running around 3.7%, and the 10-year Treasury yield is near 5%.
That backdrop is punishing expensive growth stocks. Today the tech-heavy indexes are down (QQQ -1.3%, software ETF IGV -3.8%, communication services XLC -1.7%) while healthcare (XLV +2.2%), financials (XLF +1.7%) and small caps (IWM +1.1%) are up.
Earnings season is the main driver. Investors are rewarding companies that RAISE their outlook (Eli Lilly, Quanta, KLA, Vertiv) and selling companies that merely meet expectations or show cash burn (Alphabet, ServiceNow, Fortinet, Caterpillar).
The Daily Standout: Eli Lilly and Company (LLY) +6.95%
Today Lilly reported quarterly sales of $24.4B (+39%), well above the roughly $22.6B Wall Street expected, and lifted its 2026 sales forecast to $91-92B from $85-87B. That landed on a day when investors are dumping expensive tech (Alphabet -12%, ServiceNow -24%) and looking for growth that does not depend on AI spending. Healthcare is already the strongest sector, and Lilly is its biggest growth engine. The stock is up ~7% to near its record high, so it is a rare case where the news, the sector trend and the price trend all point the same way. Unlike the other 'beat-and-raise' names on this list, Lilly's growth has nothing to do with the AI trade that is cracking today.
A 57% revenue jump, a record $63.7B backlog and another guidance raise make Quanta a 'picks-and-shovels' winner from the same AI spending that is hurting Alphabet.
KLA's outlook came in ~5% above expectations, and the stock is up ~7.6% while semis and tech are down, a sign that the chip-equipment selloff may have gone too far.
Reported advanced takeover talks with Marvell, possibly announced next week, plus 'sold out through 2029' demand make Lumentum today's top event-driven story.
Record post-earnings drop (-12%) on a double miss and negative free cash flow makes Alphabet the market's most important stock to watch today, but the trend is broken for now.
A ~24% crash on slowing contract growth, dragging the whole software sector, makes ServiceNow the clearest gauge of whether AI is helping or hurting software companies.
A record $78.1B backlog but no guidance raise sent CAT down ~8% into oversold territory. It is the 'beat but no raise' test case for the AI-power trade.
Healthcare is the strongest sector (near record, +26% in 6 months), and today's Lilly and Merck results reinforce it. XLV is the diversified way to own that trend.
Amazon reports after today's close, and traders expect a move of about 7% either way, with cloud growth deciding whether it follows Microsoft up or Alphabet down.
Alphabet is set for its worst post-earnings drop ever after missing on sales and profit and spending more cash than it made, which makes it today's key test of how much investors will forgive heavy AI spending.
Microsoft beat expectations with 48% cloud growth and lower-than-feared spending, making it the night's clear AI winner as it tests a price ceiling that has stopped it three times.
Micron rose about 6% yesterday after rival SK Hynix reported record results and said memory demand will exceed supply through 2030, but it is slipping before the open with the wider chip selloff.
Oracle jumped about 11% yesterday after promising its huge AI spending will turn into $30B+ of free cash flow by fiscal 2029, and it is now testing whether that rally can hold.
What this analysis couldn't check
Prior-analysis lookup (daily_shortlists, last 7 days): only one earlier run exists, today's pre-market run (8:55 AM ET, standout GOOG). Its GOOG, LITE and NOW notes were used as prior context; no documents exist for Oct 22-28. This run replaces that pre-market entry; the earlier documents were backed up before being replaced.
Prices are an intraday snapshot (~10:40 AM ET). Today's volume figures cover only part of the session.
Several stories are fast-moving (Marvell-Lumentum talks are unconfirmed; Amazon reports after the close today).
Analyst price targets come from news reports, not from a complete consensus database.
For informational and educational purposes only. Not investment advice. Prices are an intraday snapshot and move quickly; scores are model-style opinions, not guarantees. Do your own research.