Key Highlights

  • Nasdaq-100 futures fell about 1.2% and S&P 500 futures 0.4% before 4:30 a.m. ET on October 29, 2026, while Dow futures rose 0.35%, in a snapshot taken at 4:09 a.m. ET.
  • Premarket, Nvidia was down 1%, AMD 3.3% and Intel 3.6%, and software names Zscaler and Salesforce lagged, a set of moves that weighs on Invesco QQQ Trust (NASDAQ:QQQ).
  • After hours, ServiceNow fell about 14% to 19% and Fortinet 25% to 26%, extending the pressure on software stocks that QQQ (NASDAQ:QQQ) investors own through its Nasdaq-100 holdings.
  • Chips offered a counterweight: SK hynix's ADR rose 13.3%, Oracle 10.6% and Vertiv 16.5%, so the AI trade split between hardware winners and spending-sensitive names, per published market data.

A Weak Start for Technology

Nasdaq-100 futures traded about 1.2% lower and S&P 500 futures about 0.4% lower at 4:09 a.m. ET on October 29, 2026, while Dow futures were up 0.35%. Late Wednesday quotes cited a decline of about 1.2% for the Nasdaq-100 and about 0.5% for the S&P 500, and a few Asia recaps called futures mixed, so the snapshot is unstable. Invesco QQQ Trust (NASDAQ:QQQ) tracks the Nasdaq-100, which is where the pressure sits. Premarket, Nvidia was down about 1%, AMD about 3.3% and Intel about 3.6%, and Zscaler and Salesforce were among the software laggards. The Nasdaq-100 is dominated by the largest technology companies, so declines in a few names move the whole index.

Monetization Versus Burn Rate

This is the first market test of the AI trade after Big Tech reported. Investors are comparing how quickly artificial intelligence products produce revenue with how fast companies spend on data centers and chips. Alphabet fell about 8% to 10.5% on negative free cash flow even as Google Cloud grew 103%, while Microsoft rose about 3% to 4% on Azure growth of 48%. Futures are contracts on index levels, so they show early positioning, not final closing prices. Since the Nasdaq-100 weights the largest companies heavily, QQQ (NASDAQ:QQQ) tends to move with these names, and the split between winners and losers can change at the open. The result is a market that reacts to each earnings release.

Risks and What to Watch

The risks are a deeper software sell-off, further capital-spending worries and a rate backdrop in which traders price a December Fed hike above 80%. September PCE inflation and third-quarter GDP arrive at 7:30 a.m. ET, and Amazon, Intel and Coinbase report after the close. Marvell was also down about 9.4% premarket on reports of talks to buy Lumentum, which are unconfirmed. Futures can move substantially between 4:09 a.m. ET and the 9:30 a.m. ET open, so treat these levels as a starting point rather than a forecast. Nothing here is advice on QQQ (NASDAQ:QQQ). Overnight, Asia was also weaker, with Kospi down 2.2% and Samsung down 5.4%.

Where Things Stand

Nasdaq-100 futures fell about 1.2% because investors are questioning whether AI spending will pay off quickly enough, after Alphabet's cash burn and sharp software drops at ServiceNow and Fortinet. Invesco QQQ Trust (NASDAQ:QQQ) holds those concerns directly, though chip strength from SK hynix, Oracle and Vertiv offers a counterweight. The open at 9:30 a.m. ET will show whether the 4:09 a.m. ET picture holds for QQQ (NASDAQ:QQQ). These moves are early indications only.