AMZN down ~5% after hours on a rare top and bottom-line miss (Q3 rev $201.9B vs $202.2B exp, EPS $1.89 vs $1.97 exp). The big story here is capex—TTM free cash flow swung to a negative $42.4B on a massive $94.8B YoY surge in property/equipment spend for AI infrastructure. On the bright side, AWS grew 39.3% YoY to $46B, which keeps the structural growth story intact despite the current margin squeeze.
SNDK rolled over after hours, dropping ~2.7% to around $1,294 after initially popping on earnings. Q1 numbers themselves were blockbuster ($11.03B rev vs $10.72B exp, EPS $49.51 vs $46.67 exp) driven by 378% YoY data center demand. They guided Q2 revenue to $12.2B-$12.6B and announced an 8-for-1 stock split effective Nov 19, but macro weight and chip sector contagion dragged it down anyway.
INTC getting completely obliterated after hours, down over 20% to around $72.65. While Q3 backward-looking numbers technically beat ($16.5B rev vs $16.41B exp) due to strong 78% YoY Data Center growth ($7.3B), the Q4 guidance was a total disaster. Management expects Q4 revenue of $15B-$16B vs the $17.1B consensus, and EPS of $0.25 vs $0.43 expected. CFO blamed a prolonged global PC slump that will last through at least H1 next year, while the Foundry segment bled another $1.85B in operating losses.
Futures have taken a severe leg down across the board. NQ is getting slammed under the combined weight of the AMZN capex drag and the massive INTC guidance collapse. ES has also lost all early support as the deep semiconductor weakness spreads, taking out the initial storage/memory buffer. Tomorrow could be really messy!
Market Pulse
SPY closed at $769.36 on 2026-10-29. The close was above the 8-day EMA ($768.68), the 21-day EMA ($768.98), the 50-day SMA ($767.63), the 100-day SMA ($759.03), and the 200-day SMA ($728.53). That marks 3 consecutive closes above the 21 EMA.
QQQ closed at $715.34 on 2026-10-29. The close was above the 200-day SMA ($679.16); below the 8-day EMA ($718.54), the 21-day EMA ($724.61), the 50-day SMA ($725.41), and the 100-day SMA ($719.20). That is the first close below the 21 EMA.
VIX 17.20 (+1.71%)
Opening
Bullish premium dominates at $109.6M versus $36.4M bearish, producing a $73.2M net bull read. GOOGL leads all names with $22.6M in bullish flow, followed by CRWD at $12.3M and TXN at $8.1M. The only meaningful bearish single-name conviction sits in NFLX at $17.9M.
