Oncast Money · Money Tonight

Alphabet slump, exaggerated selloff claims

· Fact-checked before it aired. Unconfirmed claims from this segment are not shown.

The S&P 500 did close lower for the first time in four sessions on Oct. 29, 2026. Alphabet and Caterpillar both fell after earnings, and Alphabet was a major drag on the indexes.

Alphabet alone lost about $500 billion in market value, and the Nasdaq fell 1.4%. But the S&P 500 slipped only 0.3%, the Dow 0.3%, and the Russell 2000 actually rose 1.0%, so calling it a “nearly $1 trillion” market-wide wipeout overstates the selloff and ignores that most stocks were not down.

The actual Oct. 29, 2026 close was Nasdaq -1.4%, S&P 500 -0.3%, and Dow -0.3% — nowhere near the claimed -2.9%, -1.8%, and -1.1%. The Russell 2000 rose 1.0%, so this was not a broad tech-led crash and there is no evidence of $1.8 trillion being wiped out. This is a promotional/engagement post about winners and losers over a past week; it does not make a specific checkable factual claim here.

Fact-check

VERIFIED TRUE

The S&P 500 did close lower for the first time in four sessions on Oct. 29, 2026. Alphabet and Caterpillar both fell after earnings, and Alphabet was a major drag on the indexes.

Midday stock market check ✅ Alphabet and Caterpillar slip after earnings; stocks are in struggle mode as the S&P 500 heads for its first loss in four sessions 🔴 Dow -0.31% Movers: $MRK +4.7%, $GOOGL -11.7% 🔴 Nasdaq -1.19% Movers: $KLAC +7.0%, $FTNT -21.5% 🔴 S&P 500 htt

Original post · Market Participant (@amktparticipant)

[marketwatch.com](https://www.marketwatch.com/livecoverage/stock-market-today-s-p-500-nasdaq-dow-alphabet-earnings-results-amazon-intel) NAMES: $GOOGL = Alphabe

VERIFIED MISLEADING

Alphabet alone lost about $500 billion in market value, and the Nasdaq fell 1.4%. But the S&P 500 slipped only 0.3%, the Dow 0.3%, and the Russell 2000 actually rose 1.0%, so calling it a “nearly $1 trillion” market-wide wipeout overstates the selloff and ignores that most stocks were not down.

🚨 WALL STREET SELLOFF! 📉 Nearly $1 trillion in U.S. stock market value was reportedly wiped out today as major technology stocks plunged. Investors are growing concerned about massive AI spending, disappointing earnings, and future profitability. With the Nasdaq and S&P 500

Original post · H2ai (@H2ai_coin)

[financialmarkets.com](https://www.financialmarkets.com/article/alphabet-fell-caterpillar-held-its-year-instacart-trades-below-the-deal); [kiplinger.com](https:

VERIFIED FALSE

The actual Oct. 29, 2026 close was Nasdaq -1.4%, S&P 500 -0.3%, and Dow -0.3% — nowhere near the claimed -2.9%, -1.8%, and -1.1%. The Russell 2000 rose 1.0%, so this was not a broad tech-led crash and there is no evidence of $1.8 trillion being wiped out. This is a promotional/engagement post about winners and losers over a past week; it does not make a specific checkable factual claim here.

🇺🇸📉 JUST IN: $1.8 trillion wiped out from the US stock market today as tech stocks got crushed. Nasdaq -2.9% (worst day since June), S&P 500 -1.8%, Dow -1.1%. The selloff was driven by rising fears that Big Tech’s massive AI spending isn’t paying off fast enough, after htt

Original post · Coinminutes News (@CoinM_newsss)

[kiplinger.com](https://www.kiplinger.com/investing/stocks/nasdaq-drops-365-points-on-big-alphabet-miss-stock-market-today) POST 2114364540909420812: NOCLAIM No

Sources

What the hosts said

AAlphabet just got hammered after earnings, and it dragged the whole tape down. A market watcher on X, Market Participant, posted the midday check: Dow down three tenths of a percent, Nasdaq down one point two percent, and Alphabet itself down eleven point seven percent.
BEleven point seven? That's a brutal single-day move for a company that size. It's basically a tech wreck in one stock.
AExactly. Caterpillar slipped too, but Alphabet was the big story. The S&P 500 snapped a three-day winning streak.
BSo the broad market held up okay, but if you held Google, you felt it. And this is all about AI spending concerns, right? The company reported earnings, and investors didn't like what they heard about future costs.
AThat's the read. Google is spending a fortune on AI, and the market wants to see returns sooner rather than later. Same theme that's been hanging over these mega-caps all year.
BAnd the post flagged some other movers: Merck up four point seven percent, Fortinet down twenty one and a half. What's going on with Fortinet?
AFortinet missed on earnings. It's a cybersecurity company, and the market didn't like the guidance. Merck, on the other hand, had a solid quarter. So you had winners and losers, but the index only dipped because Alphabet is so huge.
BRight, Alphabet is what, a two trillion dollar company? A ten percent drop there is a massive hit to the index, even if most other stocks were fine.
AThat's exactly it. But here's the thing, Bill: you wouldn't know the market only dipped if you were scrolling your feed. I saw a post from a crypto news account called Coinminutes News claiming one point eight trillion dollars was wiped out today, with Nasdaq down two point nine percent. I nearly choked on my coffee.
BHold on, those numbers are completely wrong. I checked the actual close: Nasdaq down one point four percent, S&P down three tenths, Dow down three tenths. The small-cap Russell 2000 actually went UP one percent.
AWait, so the trillion-dollar wipeout was fake? What about that five hundred billion from Alphabet?
BAlphabet alone did lose about five hundred billion in market value, and that's real. But the market as a whole? Not even close to a trillion. The post exaggerated the Nasdaq move more than double, and ignored that most stocks were fine.
AOkay, but even if the numbers are wrong, the sentiment is real. People are scared about AI spending not paying off. That's why the post got traction. You can't just dismiss it as fake news.
BI'm not dismissing the concern, but the facts matter. If you tell people the market crashed when it didn't, they make bad decisions. The Dow was down three tenths of a percent - that's a rounding error, not a crash.
AA rounding error? Alphabet lost a half trillion, Bill. That's not rounding. And if the other mega-caps follow, this could get ugly fast. You're being too calm.
BI'm being accurate. One stock got crushed; the rest of the market shrugged it off. That's not a reason to panic. It's a reason to watch what happens with AI spending more carefully.
AFine, the post was wrong. But the underlying fear - that Big Tech's AI bets might not pay off - that's not going away. And I think it's justified. Look at the Nasdaq this week: it's been choppy, and every earnings report from a mega-cap just adds fuel.
BBut the Russell 2000 was up today, which tells you the selloff is concentrated, not broad. If the whole market were panicking, small caps would be down too. They weren't.
ASmall caps are less exposed to AI spending, so they're not the canary here. The canary is the mega-cap tech complex, and Google just coughed up blood. I'm not saying sell everything, but I'm not ignoring the signal either.
BAnd I'm not saying ignore it. I'm saying don't amplify false numbers just because they match a narrative. That's how we get panics.
AFair enough. Speaking of narratives, here's a rumor that caught my eye: a post from Dazeley on X says Getty Images is planning to file bankruptcy to go private, with two point one billion dollars in debt, after the Shutterstock merger collapsed.
BI saw that too. And before we go further, there's no official filing yet. No court records, no company statement. Just a single account claiming it.
ABut think about it: the merger with Shutterstock fell apart, they're carrying a big debt load, and going private through Chapter Eleven is a known play. It's plausible.
BPlausible isn't confirmed. We've seen these bankruptcy rumors before - sometimes they're right, sometimes they're total garbage. I need more than one post.
ABut the post had specifics: two point one billion in debt, prepackaged Chapter Eleven, expedited process. That's not just a vague rumor; it sounds like someone saw a term sheet.
BOr someone made it up with realistic details. Until Getty itself or a major outlet reports it, it's speculation. And Getty is a big enough name that if they were about to file, the wires would have it.
AYou're no fun. But fine, we'll wait for the actual filing.
ASo to wrap the hour: one big stock got hammered, the market mostly yawned, and social media tried to turn it into a crash. Watch the AI spend story, not the panic posts.
BAnd keep an eye on Getty - a rumor worth tracking, but nothing confirmed yet. That's the difference between a story and a fact.

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