TASI Slips Back Below 10,000 as Alphabet’s Slide Drags the Nasdaq Down 1.4%; Amazon and Intel Fall After Hours While the BoJ Holds - Modern Money Experts

TASI Slips Back Below 10,000 as Alphabet’s Slide Drags the Nasdaq Down 1.4%; Amazon and Intel Fall After Hours While the BoJ Holds

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TASI Slips Back Below 10,000 as Alphabet’s Slide Drags the Nasdaq Down 1.4%; Amazon and Intel Fall After Hours While the BoJ Holds

Takeaway: On Friday 30 October 2026 (Asia/Dubai), tech is under pressure worldwide after a heavy round of US earnings. On Thursday TASI fell 1.02% to 9,921.50, giving back the 10,000 level but still ending the week about 2.4% higher, while Qatar lost 0.69%, Kuwait’s All-Share 0.43% and Abu Dhabi 1.17%. On Wall Street, Alphabet dropped more than 12% and the Nasdaq lost 1.38% to 26,184.72; the S&P 500 slipped 0.30% to 7,720.39 and the Dow 0.25% to 52,342.56. US GDP grew at a 3.4% annual rate in the third quarter, September PCE inflation was 3.6%, and the ECB held rates. After the close Amazon fell about 6%–7% and Intel about 21%–23%. Brent settled at $114.88, and the expiring December contract climbed to about $116 in Asia on Friday after a tanker was attacked in the Strait of Hormuz. The Bank of Japan held at 1.25%.

What happened

1) US data: strong growth, sticky inflation

  • Real GDP grew at a 3.4% annual rate in the third quarter, up from 2.2% in the second quarter, led by investment, consumer spending and government spending (BEA advance estimate). That beat the 3.1% Dow Jones consensus (CNBC).
  • The September PCE price index rose 0.5% on the month and 3.6% on the year, roughly in line with forecasts; core PCE rose 0.3% and 3.1%, in line (CNBC; Newsquawk). Consumer spending rose 0.5%, a little below the 0.6% expected, and personal income rose 0.2% (CNBC).
  • Weekly initial jobless claims fell to 194,000, below the 199,000 forecast (Newsquawk).

2) US equities and earnings

  • Thursday 29 October close (CNBC; AP): Dow 52,342.56 (−132.54 / −0.25%), S&P 500 7,720.39 (−23.59 / −0.30%), ending a three-day gain, and Nasdaq Composite 26,184.72 (−365.13 / −1.38%). The Russell 2000 rose 0.96%; communication services fell 6.6% while health care rose 2.5% and real estate 2.25% (Newsquawk).
  • Alphabet closed more than 12% lower after Wednesday’s results, which showed a revenue miss and negative free cash flow of $9.07 billion (CNBC; StockTitan). Microsoft gave up its early gain and ended marginally lower (CNBC).
  • Caterpillar slid more than 9%, its worst day since March 2020, as construction sales came in slightly below estimates even though revenue and earnings beat (CNBC). Eli Lilly rose about 6.4% after third-quarter revenue grew 39% to $24.4 billion and it raised its 2026 revenue forecast to $91 billion–$92 billion; the stock hit a record $1,408.34 during the session (StockTitan; Reuters via Yahoo Finance).
  • After hours, Amazon fell about 6%–7%: earnings of $1.89 a share on revenue of $201.94 billion missed LSEG estimates of $1.96 and $202.31 billion, and it kept its 2026 capital spending plan at $220 billion (CNBC). Reuters said Amazon also forecast holiday-quarter sales below Wall Street expectations (Reuters via Investing.com). AWS sales grew 39%, and Amazon said its trailing 12-month free cash flow fell below zero, mainly because of AI-related spending (StockTitan, citing the release).
  • Intel fell about 21%–23% after hours after guiding fourth-quarter revenue of $15 billion–$16 billion and adjusted earnings of 25 cents a share, against LSEG estimates of $17.1 billion and 43 cents (CNBC). Intel also said a factory explosion in Israel caused a two-week shutdown that will cost roughly $600 million in revenue over two quarters (Reuters via Investing.com). Reddit fell 18%, Roblox and Twilio 17% each, while Rivian rose 5% (CNBC).

3) The ECB, yields and gold

  • The ECB kept its deposit rate at 2.50%, with the refinancing and lending rates at 2.65% and 2.90% (ECB). President Christine Lagarde said a hike had been debated but the decision to hold was unanimous; euro-zone inflation is 3.8%, the highest since September 2023, and money markets priced about a 67% chance of a December hike (CNBC). The ECB also said Lagarde will step down on 7 February 2027 (CNBC).
  • Treasuries rallied and the 10-year yield slipped back below 5%, to about 4.96%–4.98% late in the session, while the 2-year fell to about 4.63%–4.65% (CNBC; Newsquawk). The CME FedWatch tool still showed roughly a 77% chance of a December Fed hike late on Thursday (CNBC).
  • Gold fell about 1% in spot trade as the inflation data kept a December Fed hike in view (Reuters via CNBC); December futures settled 0.50% lower at $4,031.40 an ounce (The Edge).

4) Oil: lower on diplomacy, then higher on a Hormuz attack

  • Thursday settlement (Reuters via Euronext; Xinhua): Brent $114.88 (−$0.44 / −0.38%) and WTI $102.00 (−$0.78 / −0.76%). Both had been down more than $2 earlier as hopes for US–Iran talks grew, before Houthi claims of attacks on Ras Tanura, Rabigh and Abqaiq, which Saudi Arabia did not immediately confirm, helped limit the drop (Reuters). The more-active January Brent contract settled at $110.80 (Newsquawk).
  • Friday in Asia: the expiring December Brent contract rose $1.20, or 1.04%, to $116.08 by 03:23 GMT, January Brent gained $1.39 to $112.19 and WTI rose 1.34% to $103.37, after a tanker in the Strait of Hormuz was hit by explosive devices attached by a small boat, according to UKMTO (Reuters via MarketScreener). Brent was on course for a monthly gain of nearly 11% and WTI about 14% (Reuters).

5) Gulf equities: Thursday 29 October

  • TASI 9,921.50 (−101.97 / −1.02%), ending a three-day run after trading between 10,052.74 and 9,902.10; turnover was about SAR 4.03bn (Saudi Exchange; Argaam). The index still gained about 2.4% on the week, snapping an eight-week losing streak (Argaam; Reuters). Al Rajhi Bank fell 1.08%, Saudi National Bank 1.91%, stc 0.77% and Aramco 0.31%; Saudi Cable dropped 5.28% and AMAK 4.94% after results, while SAUDIA Group rose 5.23% (Argaam). The parallel market Nomu rose 0.94% to 21,474.39 (Maaal).
  • Qatar (QE) 9,151.18 (−63.17 / −0.69%), ending four straight gains, with 16 stocks up and 32 down (QNA; The Edge). Qatar Industrial Manufacturing rose 7.47% while Dukhan Bank fell 2.55% (The Edge).
  • Kuwait All-Share 8,453.99 (−36.41 / −0.43%); the Premier Market fell 0.53% to 8,892.55 and the Main Market edged up 0.07% to 8,454.85, on value traded of about KD81.2m (KUNA via QNA).
  • UAE: Abu Dhabi fell 1.17% to 9,477.76 as First Abu Dhabi Bank dropped 4.2% despite a 6% rise in quarterly profit; Dubai fell 0.47% to 5,817.75, with Air Arabia down 4.9% (Reuters via Business Recorder; The Edge). Oman: the MSX 30 fell 0.42% to 7,346.19 (The Edge). Abu Dhabi and Dubai trade again today, Friday.

6) Asia and the Bank of Japan: Friday morning

  • The Bank of Japan held its policy rate at 1.25%, raised its 2027 inflation forecast and said underlying inflation is now at a level generally consistent with its 2% target (Nikkei Asia). Tokyo core CPI rose 2.6% in October, as expected (Investing.com).
  • Chip stocks led Asia lower: South Korea’s Kospi slumped more than 5% and Japan’s Nikkei 225 fell 2.8%, while Hong Kong’s Hang Seng rose 1.5% (Investing.com). Nasdaq 100 futures were down about 2.1% and S&P 500 futures 1% (CNBC).

Why it matters for Gulf + US-focused Arab traders

  • The AI trade is being judged on cash, not just growth: Alphabet, Amazon and Intel were all punished on spending, cash flow or guidance, even where headline growth was strong. Many Gulf investors hold these names directly or through US index funds, so the swing in a handful of mega-caps matters.
  • Strong US growth keeps rates in focus: 3.4% growth with PCE inflation at 3.6% keeps a December Fed hike in play, and with most Gulf currencies pegged to the dollar, that path feeds into local borrowing costs.
  • The Gulf is trading on security headlines: TASI gave back 10,000 as Houthi claims and the Hormuz tanker attack kept risk high, even as oil itself swung on diplomacy reports.

Today’s calendar and the week ahead

  • Friday 30 October: US employment cost index for the third quarter at 16:30 Asia/Dubai; ExxonMobil, Chevron and AbbVie report before the US open (StockTitan; Newsquawk). Euro-zone third-quarter GDP and flash October inflation for France, Germany, Spain and Italy (Newsquawk). Fed speakers return after the blackout, including Musalem, Daly, Hammack and Cook (Newsquawk). December Brent futures expire today (ICE; The Edge).
  • Sunday 1 November: online meeting of seven core OPEC+ members; three sources told Reuters the group is likely to keep December output targets unchanged, with no final decision made (Reuters via CNA). US clocks move back, so from Monday the US cash session opens at 18:30 Asia/Dubai.
  • Monday 2 November: Apple reports fiscal fourth-quarter results after the US close (StockTitan earnings calendar).
  • Tuesday 3 November: US midterm elections (Reuters).
  • Gulf: watch whether TASI can reclaim 10,000 on Sunday and how the region reacts to OPEC+ and any further attacks on energy infrastructure.

Short educational angle: why the “Brent price” can jump on a contract roll

Oil futures are traded by delivery month, and the price most screens show as “Brent” is usually the nearest, or front-month, contract. Each ICE Brent contract stops trading on a set date: the December 2026 contract expires today, 30 October, and from Monday the headline quote moves to January. On Friday morning December traded around $116.08 while January was at $112.19, a gap of almost $4. When nearby barrels cost more than later ones, the curve is in backwardation, which usually signals tight prompt supply; the opposite, with later months dearer, is called contango. So if a chart shows Brent “falling” by about $4 on Monday, much of that may be the switch from one contract to the next rather than a real move in the market. A useful habit is to check which contract month a quote refers to, and to compare like with like (December with December, January with January) when measuring daily changes. This is educational framing only, not a forecast or a recommendation on any trade.

Sources

  1. BEA — GDP (Advance Estimate), 3rd Quarter 2026, 29 Oct 2026. bea.gov
  2. CNBC — Third-quarter U.S. GDP increases a better-than-expected 3.4% as September inflation accelerates, 29 Oct 2026. cnbc.com
  3. CNBC — Stock market today: live updates (Thursday close), 29 Oct 2026. cnbc.com
  4. AP — How major US stock indexes fared Thursday 10/29/2026. apnews.com
  5. Newsquawk — US Market Wrap: AI jitters hit tech as Alphabet earnings disappoint; bonds rally, 29 Oct 2026. newsquawk.com
  6. StockTitan — Stock Market Today, October 29, 2026. stocktitan.net
  7. Reuters via Yahoo Finance — Lilly’s obesity drug strength fuels record rally, 29 Oct 2026. finance.yahoo.com
  8. CNBC — Stocks making the biggest moves after hours: AMZN, INTC, TWLO, RDDT, 29 Oct 2026. cnbc.com
  9. CNBC — Stock market today: live updates (Friday futures), 30 Oct 2026. cnbc.com
  10. Reuters via Investing.com — Amazon burns cash, Intel flags weak PC demand, 29 Oct 2026. investing.com
  11. ECB — Monetary policy decisions, 29 Oct 2026. ecb.europa.eu
  12. CNBC — European Central Bank keeps key interest rate on hold at 2.5%, 29 Oct 2026. cnbc.com
  13. CNBC — 10-year Treasury yield hovers below 5% after strong GDP report, rising inflation data, 29 Oct 2026. cnbc.com
  14. Reuters via CNBC — Gold slides as higher U.S. inflation reinforces Fed tightening bets, 29 Oct 2026. cnbc.com
  15. The Edge — Commodities Wrap 29 October. edgeconsultancykw.com
  16. Reuters via Euronext — Oil prices settle lower as diplomacy hopes offset some Mideast supply concerns, 29 Oct 2026. euronext.com
  17. Xinhua — Crude futures settle lower, 30 Oct 2026. news.cn
  18. Reuters via MarketScreener — Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks, 30 Oct 2026. marketscreener.com
  19. ICE — Brent Crude Futures expiry calendar. ice.com
  20. Saudi Exchange — Main market summary, 29 Oct 2026. saudiexchange.sa
  21. Argaam — TASI falls 1% to 9,922 points, 29 Oct 2026. argaam.com
  22. Maaal — TASI closes 1% lower, while Nomu rises 0.9%, 29 Oct 2026. maaal.com
  23. Reuters via Business Recorder — Gulf bourses retreat as bank stocks ease on Yemen, Iran war worries, 29 Oct 2026. brecorder.com
  24. The Edge — Middle East Market Wrap 29 October: Riyadh slips back below 10,000. edgeconsultancykw.com
  25. QNA — QSE index closes lower, 29 Oct 2026. qna.org.qa
  26. QNA — Kuwait Bourse closes lower, 29 Oct 2026. qna.org.qa
  27. Nikkei Asia — BOJ says 2% inflation target achieved, holds rates steady, 30 Oct 2026. asia.nikkei.com
  28. Investing.com — Asia stocks tumble as AI spending concerns deepen; BOJ holds rates, 30 Oct 2026. investing.com
  29. Reuters via CNA — OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say, 27 Oct 2026. channelnewsasia.com
  30. StockTitan — Earnings calendar for the week of October 26, 2026. stocktitan.net

Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice, a trading recommendation, or financial advice. Trading and investing involve a substantial risk of loss. Past performance does not guarantee future results. Do your own research and consult a licensed adviser where appropriate. Modern Money Experts (MMEC) is an educational brand.

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