Market Watch | Oct. 29 (ET) 1/3 — Market Structure The indexes fell, but most stocks rose. Thursday was a rotation away from crowded technology exposure, not an indiscriminate retreat from equities. S&P 500 -0.30% | Nasdaq -1.38% | Dow -0.25% | Russell 2000 +1.01% | SOX -1.42%. Roughly four in five S&P 500 stocks advanced. Alphabet's earnings-driven plunge weighed on the cap-weighted benchmarks, while small caps and health care outperformed. Software, memory and AI-linked chips faced selling; drugmakers and payments offered a contrasting earnings story. Lower yields helped the wider market, but did not repair concerns about AI spending, cash conversion and demanding expectations. Amazon and Sandisk extended that test after the close: strong cloud or memory growth did not prevent negative share-price reactions. The macro split was equally important: Q3 GDP accelerated to 3.4% annualized, yet September real consumer spending was essentially flat and core PCE inflation was still 3.1% YoY.