A Tough Day For Tech: When Good Earnings Just Aren’t Good Enough

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[Chart courtesy of MarketWatch.com]

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Stocks spent most of the day on the defensive as traders worked through another round of earnings surprises.

The biggest headline came from Alphabet, which suffered its worst one-day decline on record after falling short of expectations, dragging the Nasdaq down more than 1% and reminding investors that even tech giants aren’t immune to high expectations.

Caterpillar added to the cautious tone. Despite posting solid earnings, a slight miss in construction equipment sales was enough to send shares sharply lower.

Microsoft’s results were good on the surface, but investors seemed more interested in finding reasons to sell than reasons to celebrate, especially as questions around the AI trade continue to linger.

Meanwhile, the Fed pressed the pause button on rates and signaled it’s still waiting for more data before making its next move.

Bond yields, the dollar, gold, and Bitcoin all took traders on a bit of a rollercoaster ride, only to finish not far from where they started. Sometimes the market’s version of cardio is running in circles.

The message from today’s action was pretty clear: uncertainty remains high, volatility isn’t ready to leave the party, and traders are still searching for the next catalyst.

The question is, are we seeing a healthy reset in expectations, or just the beginning of a more challenging stretch for markets?

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Markets Stay Calm Ahead Of Megatech Earnings: Quiet Before The Storm?

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[Chart courtesy of MarketWatch.com]

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Markets spent most of the day in a holding pattern as investors waited for the Fed’s latest rate decision and a fresh round of earnings from the tech heavyweights.

As expected, the Fed left rates unchanged, and with no surprises from the central bank, the major indexes managed to post modest gains.

The real action was beneath the surface. Chip stocks continued to attract buyers, oil jumped roughly 2.5% after a larger-than-expected drawdown in crude inventories, and the 10-year Treasury yield climbed back above 5%, reminding investors that the bond market still has a mind of its own.

Meanwhile, the Magnificent Seven took a breather ahead of earnings, trailing the broader market.

Elsewhere, the dollar softened, gold recovered from an early dip, and Bitcoin notched a respectable gain.

Now the spotlight shifts to Alphabet and Microsoft. After all, when two report cards carry that much weight, tomorrow’s market could look very different from today’s.

Will earnings finally wake volatility from its afternoon nap?

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Risk-On Mood Returns As Oil Slides And Tech Takes Charge

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[Chart courtesy of MarketWatch.com]

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Stocks came into the day with a healthy appetite for risk, led once again by the chipmakers.

The S&P 500 and Nasdaq gained ground early and held onto those advances as investors continued piling into AI-related names.

Broadcom was a standout, rising more than 3% after financing details emerged around Anthropic’s technology deal, keeping the AI story firmly in the driver’s seat.

Outside of equities, lower oil prices helped the mood, while bond yields were little changed with the 10-year hovering just below 5% as investors await tomorrow’s Fed decision.

The expectation remains that the Fed will stand pat, although the market is still pricing in a meaningful chance of one more hike before the year is over.

Meanwhile, gold bounced sharply from its recent support level and Bitcoin found buyers near $80,000, suggesting investors weren’t afraid to add a little risk while keeping one foot near the exits.

All in all, it was a broad-based “risk-on” day, but with the Fed up next, was this the start of another leg higher or just a well-dressed waiting game?

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AI Trade Gets A Pulse Check As Anthropic Sparks Tech Rally

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[Chart courtesy of MarketWatch.com]

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Stocks came out of the gate strong today, led by a rebound in semiconductors and AI-related names after Anthropic’s IPO filing reignited some enthusiasm for the AI trade.

Frankly, the market seemed to need a fresh AI story, much like it needed SpaceX before it. Investors have been talking about this one for ages, and now they finally have something tangible to get excited about.

The filing helped ease concerns that AI spending may be peaking, giving tech a much-needed boost after a rough stretch that left semiconductors deep in correction territory.

Meanwhile, lower oil prices added a tailwind for equities, although crude remains elevated as geopolitical risks haven’t exactly packed their bags.

Elsewhere, bond yields were mixed, silver and Bitcoin lost a little shine, and Brazil reminded investors that politics and markets can be a cruel combination, with some stocks getting absolutely clobbered following the surprise election outcome.

With the Fed decision arriving Wednesday and a likely pause already priced in, the big question is: can today’s AI-fueled optimism turn into something more durable, or was this just a well-timed shot of caffeine for the market?

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ETFs On The Cutline – Updated Through 10/23/2026

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Do you want to know which ETFs are hot and which ones are not? Then you need my High-Volume ETF Cutline report. It tells you how close or far each of the 311 ETFs I follow is from its long-term trend line (39-week SMA). These are the ETFs that trade more than $5 million a day, so they are not some obscure funds that nobody cares about.

The report is split into two parts: The winners that are above their trend line (%M/A), and the losers that are below it. The yellow line is the line of shame that separates them. You can see how many ETFs are in each group and how they have changed since the last report (140 vs. 142 current).

Take a peek:

The HV ETF Master Cutline Report

If you are confused by some of the terms we use, don’t panic. I have a helpful Glossary of Terms for you.

If you want to learn more about the Cutline method and how it can make you rich (or at least less poor), read my original post here.

ETF Tracker Newsletter For October 23, 2026

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ETF Tracker StatSheet          

You can view the latest version here.

RISK-OFF FRIDAY: MARKETS WORRY ABOUT GROWTH, NOT AI

[Chart courtesy of MarketWatch.com]

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This morning, the market felt a bit like a crowded theater where someone yelled “fire” and everyone headed for the same exit at once.

The Dow was down nearly 700 points early on as concerns over rising oil prices, higher rates, and renewed Middle East tensions spilled well beyond the tech sector.

The Magnificent 7 offered little support, with investors shifting their focus from AI enthusiasm to inflation and energy concerns.

Even the usual defensive hiding spots weren’t much help, as consumer staples, utilities, and healthcare stocks all joined the retreat.

Meanwhile, oil climbed above $100, gold surprisingly lost its shine, and Bitcoin reminded everyone that volatility is still part of the admission price.

One bright spot: bond yields eased enough this week to remind investors why bonds still belong in a diversified portfolio.

The bigger question now is whether falling global yields are signaling a genuine growth scare ahead, or simply a market catching its breath after a long run higher.

Are traders getting an early warning about slowing growth, or is this just another case of the market overreacting before the weekend?

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