Stock market today: Nasdaq leads indexes lower as Alphabet shares slide; Caterpillar weighs on Dow; Oil prices fall

Alphabet stock turns negative for 2026

DE 1 hour 2 minutes ago

Alphabet shares were trading at levels not seen since April after the Google parent company disappointed expectations with its third-quarter results.

The company reported earnings per share of $2.12 late Wednesday on revenue of $127.58 billion. Analysts surveyed by Visible Alpha forecast EPS of $2.94 on revenue of $127.89 billion. While cloud revenue roughly doubled to $30.7 billion, ahead of forecasts, search and advertising revenue fell short of forecasts.

These results fuel concerns about the company’s ability to generate enough revenue from its new AI products to justify its massive investments in data centers and AI hardware.

As of early trading today, Alphabet shares had gained 4% year to date, lagging the S&P 500’s 13% gain in the period. Today, they are down more than 12%, and are back in the red for 2026.

—Aaron McDade

Nvidia-backed Marvell and Lumentum could be close to a deal

DE 1 hour 2 minutes ago

Chip designer Marvell Technology and optical component maker Lumentum could be moving closer to a merger.

Shares of Marvell Technology fell more than 11% in recent trading, while those of Lumentum climbed 2.5%, after Bloomberg reported that Marvell was in advanced talks to buy Lumentum. An announcement could come as early as next week, according to the report. Lumentum and Marvell did not respond to Investopedia’s requests for comment in time for publication.

A deal would give Marvell, which buys lasers from Lumentum, more direct access to a major supplier. It would also bring together two favorites of AI investors, as strong demand has driven sales and shares of both companies soar this year.

Lumentum had a market capitalization of about $82.8 billion as of yesterday’s close, while Marvell’s is just over $220 billion. Shares of both companies were also boosted by two $2 billion investments from Nvidia earlier this year.

Marvell recently raised its long-term sales targets due to growing data center demand. Earlier this month, Lumentum’s CEO said the company had exhausted production capacity until early 2029 for its optical networking products.

Marvell shares are up about 200% for the year through Wednesday’s close, while Lumentum shares have jumped 150%.

—Aaron McDade

Here’s How Much Intel Stock Is Expected to Move After Earnings

7 hours 14 minutes ago

Intel is set to report earnings after the closing bell today, with traders expecting a big move in the chipmaker’s shares.

Current options prices indicate that Intel (INTC) is expected to rise up to around 8% by the end of the week. A move of that magnitude from Wednesday’s close could send shares as high as $103, or send them below $88.

Intel shares are up about 160% for the year, but have pulled back from their June high in recent months. Strong results driven by AI demand lifted the stock earlier this year, but concerns about the sustainability of customer spending and Intel’s fundraising plans have pressured shares more recently.

Bank of America analysts recently told clients they expect Intel to beat Street estimates with its results and raise its outlook, although sentiment may be influenced by concerns about “whether demand for AI can support both higher units and (average selling prices) over time.”

Read the full article here.

–Aaron McDade

Nasdaq Futures Plunge as Alphabet Leads Tech Stocks Lower

8h 27m ago

Futures contracts tied to the Dow Jones Industrial Average rose 0.1%.

S&P 500 futures fell 0.3%.

Nasdaq 100 futures fell 1%.