Key Highlights

  • The Stoxx 600 rose 0.77% to 649.12 and the DAX 1.31% on October 29, 2026, while US tech fell, according to one verified recap of published market data.
  • The S&P 500 fell 0.30% to 7,720.39 on the same day, yet the Russell 2000 rose 1.01% and the equal-weight S&P 500 about 1.2%, so the US also rotated.
  • On October 30, 2026, SPDR S&P 500 ETF Trust (NYSEARCA:SPY) was down 0.98% in premarket, Nasdaq-100 futures were down about 2.5% and S&P 500 futures about 1%.
  • Haleon fell as much as 15% after cutting its growth outlook, a company-specific drop that cut against Europe's value and cyclical rotation; details of the new outlook were not captured.

Europe Rises as Tech Falls

European stocks rose on Thursday, October 29, 2026, with the Stoxx 600 up 0.77% to 649.12 and the DAX up 1.31%. The recap describes a rotation toward value and cyclicals while US technology fell on disappointing results from Alphabet and others. The US picture was narrower than the S&P 500 loss suggests: the index fell 0.30% to 7,720.39, but about 81% of its stocks advanced, the Russell 2000 gained 1.01% and the equal-weight S&P 500 about 1.2%. Haleon fell as much as 15% after cutting its growth outlook. The Dow fell 0.25% to 52,342.56. The European figures come from one recap and no Friday session data was found.

Why Regions Diverge

Europe has a lighter weighting in mega-cap technology than the US, which is general market context, not a recap figure, so a tech-led slump hurts it less. Value and cyclical shares can gain when Growth Stocks sell off. BP's Underlying Profit was USD 8.46 billion against USD 7.33 billion expected, and AstraZeneca beat before the open, giving the region some Earnings support. For SPDR S&P 500 ETF Trust (NYSEARCA:SPY), the index is cap-weighted, so a few giant technology names drive the result even when most stocks rise. That explains why a 0.30% index drop can coexist with 81% of stocks advancing. Healthcare rose 2.4% and real estate 2.2% in the S&P 500, sectors that carry little technology.

Risks and What to Watch

The divergence may not last. If the US sell-off spreads, Europe could follow on Friday, and Haleon's drop shows company-specific risk. The recap did not cover Friday's European open, so the direction could flip, and currency moves also affect European earnings. Higher yields, with the 10-year near 4.98%, and Fed hike pricing of about 80% for December weigh on both regions. For SPDR S&P 500 ETF Trust (NYSEARCA:SPY), the premarket loss of 0.98% is a snapshot that can change at 9:30 a.m. ET. Watch the Friday open in Europe and New York, Chicago PMI at about 9:45 a.m. ET, Apple's report on Monday, November 2 and the midterms on Tuesday, November 3.

Where Things Stand

Europe is rising because investors rotated into value and cyclicals while US technology fell, and European indices carry less mega-cap tech than the US. The US also saw rotation, with most S&P 500 stocks advancing despite the index drop. The evidence comes from one recap for Thursday only, and Friday could differ. For SPDR S&P 500 ETF Trust (NYSEARCA:SPY), the next catalysts are today's open, Apple's results and the November 3 midterms.