Alphabet reports Q3 revenue up 25% YoY to $127.6B, Google Cloud revenue up 103% YoY to $30.7B, and Google Services revenue up 11% to $96.3B (Alphabet)

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• Alphabet reports Q3 negative free cash flow of $9.07B, worse than expected, capex of $51.36B, vs. $55.09B est., and keeps its FY capex forecast at $195B-$205B (Samantha Subin/CNBC)

  The search giant faced an immediate market backlash as shares dropped over 10% following its latest financial release. Investors reacted sharply to severe cash burn that missed Wall Street expectations, despite quarterly infrastructure spending coming in lighter than anticipated. The company nevertheless reaffirmed its massive annual investment targets.

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• News Wrap: Fed holds interest rates unchanged as inflation remains elevated

  Central bank officials opted to maintain current monetary policy to navigate persistent economic pressures across the country. Meanwhile, high operating expenses have triggered major travel disruptions abroad, and a significant international criminal prosecution faces procedural changes following a senior jurist's death. These separate events highlight ongoing volatility in global transit and critical legal proceedings.

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• Guggenheim names LB Pharmaceuticals a top idea ahead of pivotal trial data

  The financial institution has formally elevated its perspective on the drugmaker by assigning it premier status among its market recommendations. This strategic designation highlights the firm's focused attention on the company's prospective positioning. Market participants frequently monitor these preferred selections as key indicators of institutional interest within the healthcare sector.

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