Stock Market Update
29-Oct-26 12:25 ET
Major averages continue to trade in tight range
Dow -156.29
at 52319.02,
Nasdaq -352.58
at 26217.71,
S&P -156.97
at 7587.08
[BRIEFING.COM] The major averages remain under pressure ahead of midday, with the S&P 500 (-0.4%), Nasdaq Composite (-1.3%), and DJIA (-0.3%) all trading lower as weakness in mega-cap technology stocks continues to weigh on the broader market.
Caterpillar (CAT 657.44, -55.94, -7.84%) is a notable laggard following its Q3 earnings report, as expectations for moderating Q4 sales growth and an unchanged FY26 outlook overshadow strong earnings growth and a record $78.1 billion backlog. Revenue increased 17% year-over-year and adjusted EPS rose 45%, but investors appear focused on slowing growth expectations and continued tariff-related cost pressures.
Meanwhile, Marvell (MRVL 221.28, -30.37, -12.07%) is facing selling pressure following a Bloomberg report that the company is in discussions to acquire Lumentum (LITE 936.56, +22.61, +2.47%). The decline has pushed MRVL back below its 50-day moving average (244.08), based on yesterday's closing level.
