NASDAQ Reverses as Alphabet, ServiceNow and Fortinet Plunge
U.S. stock index futures are pointing lower on Thursday morning, led by the NASDAQ, which is giving back much of Wednesday’s gains. Despite the weakness in pre-market trading, the S&P 500, NASDAQ, and semiconductor ETFs ended Wednesday on new buy signals. Other sectors, including pharmaceuticals, industrials, and metals and mining, also generated buy signals. In Canada, small-cap stocks moved to a buy signal, while telecommunications stocks weakened, led by Rogers. Investors must now decide whether to wait for confirmation at the next close or establish partial positions ahead of a potential month-end rally.
Earnings announcements are driving significant differences in individual stock performance. Microsoft is moving higher, while Alphabet, ServiceNow, and Fortinet are experiencing substantial pre-market declines. Uranium returned to a buy signal, while gold remained quiet and crude oil continued trading above $100. The VIX is rising in the pre-market after a broad decline in major U.S. indexes, with the Russell 2000 ending Wednesday on a sell signal. Economic releases scheduled for 8:30 a.m. ET, including GDP, inflation, and U.S. jobless claims, could influence the market’s direction.
Stephen Whiteside
Thursday, October 29, 2026
