Wall Street Falls as AI-Spending Concerns Offset Resilient US Growth

US shares came under pressure on Thursday, 29 October, as concerns about the cost of artificial-intelligence investment outweighed encouraging economic data, according to a Reuters market report republished by Euronext. European stocks moved in the opposite direction after the European Central Bank held its key rate at 2.5%.

Reuters attributed the Wall Street weakness in part to Alphabet’s quarterly disclosure of heavy AI-related spending. ServiceNow and Fortinet also fell sharply after their financial updates. The developments underline the market’s distinction between enthusiasm about AI’s potential and scrutiny of the cash required to deliver it.

The same report said US third-quarter growth was stronger than expected, supported by consumer spending and business investment. It described an economy showing resilience even as investors questioned some companies’ spending and earnings outlooks.

At the report’s quoted 1:12 p.m. Eastern snapshot, the Nasdaq was down 1.41%, the S&P 500 0.42% and the Dow 0.38%. These are explicitly intraday observations from the source, not the final closing performance and not live prices on 30 October.

US Treasury yields eased, while the European STOXX 600 finished the session 0.77% higher. Reuters also reported lower oil prices amid renewed diplomatic efforts related to the Middle East conflict, while stressing that negotiating proposals faced resistance.

The broader lesson from the session is that strong aggregate growth does not guarantee gains for individual stocks. Investors were weighing business fundamentals, financing conditions and geopolitical risk at the same time. This report describes the dated session and should not be treated as investment advice or a real-time market feed.

Source checked on 30 October 2026: Reuters via Euronext, 29 October — https://live.euronext.com/en/financial-news/equities-and-bond-yields-dip-ai-jitters-and-economic-data-focus

Image: AI-generated illustration, not a photograph of this event.