The Nasdaq led declines, slumping 1.38%, as Alphabet's revenue miss erased $499.8 billion in market value, the second-largest single-session loss on record, feeding doubts about AI infrastructure spending. The Dow lost 0.25%, the S&P 500 slipped 0.30%. Caterpillar fell 9.3% on a sales miss. The Fed held rates steady; Q3 GDP rose 3.4% annualized and core PCE rose 3.1% YoY. Treasury yields fell. Deal activity included DoorDash's $17 billion acquisition of Instacart and Thrive Capital's $7.6 billion buyout of ADT. Pharma stocks rose on strong earnings.
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