A Big Tech Selloff and Crypto Heist to Start the Day. Next Week Brings Apple Earnings and Midterms.

Good morning and where to start. Amazon and Intel have sparked a big tech selloff in today’s premarket trading, with earnings that didn’t quite reach various high bars.

There was still pain from the previous day, with Google owner Alphabet shedding almost half a trillion in market value and suffering its worst single-day decline in history. And there’s been a crypto heist.

The $6.3 billion figure is so high, it’s hard to grasp the scale of what’s been taken at privately owned Binance. The price of Bitcoin is falling, along with connected stocks Coinbase and Circle.

It’s tempting to unleash a raft of Halloween-themed puns, but I’ll spare you.

It’s almost the end of the week, and Nasdaq 100 futures are not pretty. The S&P 500 is also down, but the Dow Jones Industrial Average is on track to open a touch higher. Get the latest here.

Among the biggest stock gainers is ExxonMobil , which said in its earnings update that it would return more money to shareholders. And peer Chevron also benefitted from conflicts in Europe and the Middle East driving up oil and gas prices.

Next week promises more excitement, and likely a few horrors, too (I couldn’t resist). Monday kicks off with updates from Apple and Palantir, there’s AMD and Pfizer earnings later in the week, along with the midterm elections.

Get rested, and enjoy the weekend.

P.S. Feel free to get in touch with any thoughts and comments.
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📈 Here’s what’s happening in markets today:

Tech stocks are sliding again after earnings from Amazon and Intel.
Intel, Amazon, Reddit, Chevron, Exxon, and more stocks that explain today’s market.
The one factor linking Big Tech’s underwhelming earnings.
Binance’s $6.3 billion crypto hack strikes at heart of Bitcoin’s trillion dollar industry.
Coinbase, Strategy, and Circle aren’t Binance. Crypto investors should still worry.
Chevron beats sky-high targets as oil prices surge.
Exxon raises its dividend yet again as oil-price rally boosts earnings.
There are 3 questions to answer before a possible Tesla and SpaceX merger.
Tech earnings sink SpaceX stock. No other companies meet Elon Musk’s high bar.

Created with Highcharts 9.0.1Source: FactSetNote: futures contractsAs of Oct. 30, 9 a.m. ET

Created with Highcharts 9.0.1Dow industrialsS&P 500Nasdaq Oct. 29Oct. 30-3.0-2.5-2.0-1.5-1.0-0.500.5%

🤖 Big Tech’s big moneymakers are stumbling

The investing world revolves around artificial intelligence these days, but Amazon suffered the same fate as Alphabet the day before. The legacy business that had made it famous underperformed expectations in the third quarter. Both stocks were sharply lower. Read about it here.

💻 At Intel, these two things overshadowed growth

Intel’s earnings report highlighted both the intense demand for artificial-intelligence chips and the setbacks companies can face in supplying them. AI business grew, while the PC business dragged. Disappointing fourth-quarter guidance was affected by a fatal plant explosion. Read more about its earnings here.

💵 Microsoft’s new bonds add to market’s AI debt spree

Microsoft has followed its Big Tech peers into the market with a mega bond sale to raise capital for the AI buildout. The world’s largest software company issued $25 billion in debt and was greeted with robust demand, according to reports. Read more about it here.

☕ Starbucks is winning back customers and profits

Starbucks reported its fifth consecutive quarter of comparable-sales growth, as CEO Brian Niccol’s “Back to Starbucks” strategy gains traction. Operating margins expanded for a third straight quarter, suggesting its costly investments are paying off. Read more here.

👀 Reddit’s earnings highlight its Google problem

The social media platform Reddit displayed weaker-than-expected user growth as traffic trends continue to face pressures from Google search updates. Third-quarter daily active users rose 12% from a year ago, but search traffic is sinking. Read more about it here.

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💊 Eli Lilly sees cancer drugs as the next growth drivers

Eli Lilly delivered another monster quarter fueled by its runaway obesity drugs. But the drugmaker’s finance chief is eager to talk about something in the future: cancer care. Lilly’s challenge over the coming decade is proving it won’t be defined by weigh- loss drugs. Read more here.

💬 Quote of the day:

Our immediate priority is to unlock additional supply to meet extraordinary demand. — Lip-Bu Tan, Intel CEO

Other headlines moving markets:

Big Tech earnings couldn’t ignite chip stocks. What semis need now.
Anthropic is a revolutionary business, but its IPO is still an enormous gamble.
‘This is a knife fight:’ Inside China’s ruthless EV blitz upending the world.
Half of ‘Big Money’ managers say the AI boom has years left to run.
Sandisk reports another big earnings beat. Investors may have wanted more.
Coinbase shrugs off stagnant crypto market with surprise profit.
Lower guidance clouds First Solar despite light on the horizon.
ServiceNow stock is worst in S&P 500 based on this key number.
How much Anthropic matters to SpaceX and other gems.
FedEx shrugs off rising fuel costs. Guidance rattled the stock.
Pinterest stock sinks as signs point to slower revenue growth.
Rivian earnings show there is still life in the EV market.
Boeing earnings were great for GE Aerospace.
The FTC lawsuit could burn Toast’s image more than its stock.
Gilead’s HIV franchise powers earnings beat. The rest is a work in progress.
Charles Schwab eyes EFT expansion. What’s in the pipeline.
It’s time to sell the refiners.
With Vegas struggling, bet on this regional casino heavyweight.
Tax-loss harvesting in bonds? This year it’s a big deal.

— Edited by Liz Moyer and Stacy Ozol

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