# Nasdaq's Biggest Drop Since June Puts Big Tech Earnings in Focus By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/40201 Published: 2026-10-24T18:11:05.000Z Updated: 2026-10-24T18:11:05.000Z Section: Investing > About one-third of S&P 500 companies report next week. As of Friday, futures showed less than 10% odds of an October rate hike. The Nasdaq's steepest single-day decline since June has raised the stakes for next week's earnings from Alphabet, Microsoft and Amazon, as investors assess whether heavy AI spending can produce returns. About one-third of S&P 500 companies will report third-quarter results next week. The [Fed meeting and technology earnings on the S&P 500 calendar]() arrive as this week's pullback sharpens scrutiny of companies' spending plans. Annual capital spending by cloud hyperscalers is forecast at roughly $800 billion, while higher financing costs have intensified questions about the pace. The Nasdaq's Thursday drop was its largest one-day decline since June. The move came during a week when Meta and Lam Research results disappointed investors. More than 100 S&P 500 companies have reported third-quarter results, with index earnings tracking for growth above 32% from a year earlier. King Lip, chief strategist at BakerAvenue Wealth Management, said the results may show whether investors view the technology-stock pullback as an opportunity or the start of a deeper correction. He said markets need another strong round of earnings. Bets on Democrats regaining control of Congress have risen ahead of the Nov. 3 midterm elections. The results, the Fed decision and the election could add to market volatility over the next two weeks. The Federal Open Market Committee (FOMC) meets Oct. 27-28, and markets expect it to hold rates steady. As of Friday, federal funds futures indicated less than a 10% chance of a rate increase at the Oct. 28 decision and about an 80% chance of a December hike. The Fed's statement is scheduled for 2 p.m. ET (1800 UTC) Wednesday, followed by Federal Reserve Chair Kevin Warsh's news conference at 2:30 p.m. ET (1830 UTC). The Fed's September rate increase was its first since 2023, while inflation remained above its target. Investors will watch Warsh's remarks for clues about the December decision. ## Links in this article - [Fed meeting and technology earnings on the S&P 500 calendar](https://www.tokenpost.com/news/investing/37499)