Today At A Glance:

Stocks slipped from record territory as Big Tech’s AI spending plans rattled sentiment—Meta’s double-digit drop led declines and weighed on growth benchmarks. Microsoft also fell after detailing heavier capex, while Alphabet bucked the tape on strong ads and cloud. The Fed’s message that a December cut isn’t assured kept rate-sensitive corners choppy. Breadth was negative and semis softened, though defensives and a few health-care winners helped limit damage. Net: Dow modestly lower; S&P 500 and Nasdaq down more, with eyes on Apple/Amazon after the bell.

Today’s Index Performance:

• Dow Jones Industrial Average — The Dow opened at 47,446.88 and closed at 47,521.81, −0.23% vs. yesterday’s close.
• S&P 500 — The S&P 500 opened at 6,856.48 and closed at 6,822.11, −0.99% on the day.
• Nasdaq Composite — The Nasdaq opened at 23,793.08 and closed at 23,581.14, −1.57%.

Gainers Of Note:

• Alphabet (NASDAQ: GOOGL) — Search/cloud/AI; gained ~5–8% on a strong ad rebound and solid Cloud margins that reassured investors despite sector capex angst.
• Cardinal Health (NYSE: CAH) — Pharma distribution & med-products; jumped ~15–16% after beating earnings and raising FY26 EPS guidance; shares approached record highs.
• C.H. Robinson (NASDAQ: CHRW) — Global logistics; spiked ~15–20% on a profit beat and higher 2026 outlook, with efficiency/AI initiatives driving margin gains.

Losers Of Note:

• Meta Platforms (NASDAQ: META) — Social/AI; fell ~11–12%, its steepest drop in years, after guiding much higher AI capex, stoking ROI and free-cash-flow concerns.
• Chipotle (NYSE: CMG) — Restaurants; tumbled ~16% on reduced same-store sales projections and softer traffic commentary.
• eBay (NASDAQ: EBAY) — E-commerce marketplace; slid ~10% as a weak outlook overshadowed headline beats.

Active Traders Of Note:

• Nvidia (NASDAQ: NVDA) — AI semis; heavy volume as traders recalibrated AI-spend narratives after NVDA’s recent $5T milestone and fresh Big Tech capex color.
• Apple (NASDAQ: AAPL) — Consumer tech; active ahead of earnings, with positioning driving outsized turnover into the close.
• Amazon (NASDAQ: AMZN) — E-commerce/cloud; brisk trading into results as investors weighed retail margin progress against cloud investment cadence.

Looking Forward:

After today’s capex scare, Friday’s tone may hinge on whether Apple and Amazon can thread the needle on growth vs. spend and keep mega-cap leadership intact. If the Fed rhetoric continues to tamp down near-term cut hopes, expect stock-specific moves to dominate while indexes consolidate recent records. Watch semis and cloud infrastructure for follow-through, plus health-care distributors to see if defensive strength broadens.

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