Trending stocks this week as markets slide on tech selloff

Wall Street’s major indexes declined at least 1% each this week amid a deep technology trade rout.

Intel plunged nearly 26% after weak guidance, while Alphabet dropped 12.2% following disappointing results. Microsoft, Amazon, and other software stocks also declined.

On the economic front, the Federal Reserve held interest rates steady at 3.75%-4.00%, while September core PCE inflation rose 0.3% month over month, in line with estimates. U.S. GDP growth topped expectations in Q3.

For the week, the S&P (SP500) lost -0.57%, while the tech-heavy Nasdaq Composite (COMP:IND) was -2% lower, and the blue-chip Dow (DJI) dropped -0.85%.

Here’s what caught investor attention this week:

Alphabet (GOOG)(GOOGL) reported third-quarter revenue of $127.58 billion, below analysts’ expectations. Earnings also fell short of forecasts. Shares dropped approximately 10% the following day. Despite strong performance from Google Cloud, which saw its revenue more than double from last year, investors were concerned about weaker-than-expected search advertising results and rising AI-related spending.

DoorDash (DASH) agreed to acquire Instacart (CART) in a deal valued at approximately $17B, or $65 per share. At least 75% of the purchase consideration will be paid in cash. The transaction is expected to close in late 2027 or the first half of 2028, subject to shareholder and regulatory approvals.

Billionaire investor Nelson Peltz’s Trian Fund Management and its partners offered to take Wendy’s (WEN) private. The proposal called for a purchase price of $7.35 per share in cash, valuing the deal at approximately $1.4B. Wendy's (WEN) said an independent committee would evaluate it.

Intel (INTC) shares fell on Friday after it issued fourth quarter guidance that missed Wall Street's estimates by a considerable margin. The semiconductor giant expects Q4 revenue in the range of $15B and $16B, below estimates of $17.05B. Adjusted earnings are forecast to be $0.25 per share, below the $0.43 estimate.

Elon Musk said SpaceX (SPCX) has closed $40B in debt financing to purchase graphics processing units, or GPUs. Musk posted on X that lenders were increasingly reluctant to finance companies without significant revenue streams beyond AI data centers. He contrasted those companies with his SpaceX (SPCX), which he said had secured the $40B debt financing and benefited from revenue from its Starlink satellite internet and rocket-launch businesses.

ServiceNow (NOW) plunged nearly 27% on Thursday after the enterprise software company released its latest earnings report, with subscription revenue up 21% Y/Y to $3.98B. Current remaining performance obligations increased 20% to $13.65B versus the $13.57B estimate. The Santa Clara, California-based also company raised its full-year subscription revenue and free cash flow margin outlook, but failed to ease Wall Street’s concerns that artificial intelligence could disrupt its business.

Amazon (AMZN) shares fell Friday after the e-commerce and cloud giant reported higher-than-expected capital spending and slower growth in its online retail business. The company said it spent more than $77B on property and equipment in the third quarter, well above analyst expectations, as it continues to expand data center capacity and meet demand for artificial intelligence services. Meanwhile, Q3 rose 12% year over year to $201.9B, below expectations. Revenue at Amazon Web Services accelerated for the sixth consecutive quarter, while online sales increased just 2% to $68.5B, marking the slowest growth since early 2023.

Lumentum Holdings (LITE) soared on a report that Marvell Technology (MRVL) is in advanced discussions to buy the data center optics maker. A deal could happen as soon as next week, according to a Bloomberg report on Wednesday, which cited people familiar with the matter.

Sandisk (SNDK) reported fiscal first-quarter results and guidance that topped Wall Street's forecast by a considerable margin. For the period ending Oct. 2, Sandisk said it earned an adjusted $49.51 per share as revenue rose 23% year-over-year to come in at $11.03B. Looking ahead to the fiscal second-quarter, Sandisk said it expects to earn between $55 and $57 per share on an adjusted basis, above the $52.60 per share estimate. Sales are forecast to be between $12.2B and $12.6B, with the $12.4B midpoint above the $12.31B estimate.

Advanced Micro Devices (AMD) tumbled almost 13% on Friday, as the semiconductor company's stock fell amid a broad technology selloff ahead of its scheduled earnings report on November 3. AMD traded as low as $492.36 during the session before recovering a bit. In the last hour of Friday's session, the stock sat at $494.04, a decline of $72.03 from the prior close.

Meta Platforms (META) launched concurrent underwritten offerings totaling approximately $37.5B, comprising $25B in Class A common stock and $12.5B in depositary shares representing mandatory convertible preferred stock. The company said the offerings will support investments in artificial intelligence infrastructure and personal superintelligence. Meta expects capital expenditures of $135B to $145B in 2026. Meta also said it plans to launch an ~$60B at-the-market offering program once trading begins in its previously announced Class C common stock.