Alphabet Shares Fall More Than 11% as U.S. Markets Open Lower

All three major U.S. stock indexes opened lower Thursday, Oct. 29, while Alphabet shares fell more than 11%, a decline that erased over $400 billion in market value.

The Dow Jones Industrial Average lost 0.65%, the S&P 500 fell 0.53% and the Nasdaq Composite dropped 1.32%. The Nasdaq posted the steepest index decline, while the S&P 500 had the smallest loss.

Alphabet’s percentage drop was more than eight times the Nasdaq’s decline. It exceeded the Dow’s 0.65% loss by more than 16 times and the S&P 500’s 0.53% decline by more than 20 times.

Individual stocks moved in both directions. Microsoft gained more than 1%, while ServiceNow fell more than 18%. Lumentum rose more than 3%, and Marvell Technology declined more than 11%.

The opening snapshot paired lower readings across all three indexes with both gains and losses among the individual companies. The more than $400 billion decline refers to Alphabet’s market value, while the index figures measure percentage changes.