Alphabet shares plunge 12.6% after earnings disappoint; Binance freezes $3 billion in assets

Shares of Alphabet — Google's parent company — fell 12.6% in New York trading after the company reported a 25% decline in third-quarter profits, missing market expectations. Anadolu reported that this drop marks the largest single-day decline in company history following quarterly results announcement, with the firm's market value shrinking by approximately $500 billion in one day.

By contrast, Microsoft beat analyst expectations on both earnings and revenue, though its capital expenditures fell short of estimates. Reports indicated the company plans to raise roughly $25 billion through a bond issuance.

Analysts noted that investors are watching with concern the growing share of conversational artificial intelligence tools at the expense of Google's search engine.

On broader markets, Brent crude for December delivery rose 1.1% to $116.1 a barrel, driven by concerns over supply disruptions linked to the possibility of a U.S. military strike against Iran. The dollar index fell 0.1% to 101.8, while the yield on 10-year U.S. Treasury bonds stood at 4.93%.

The U.S. economy grew 3.4% in the third quarter, exceeding forecasts. The core Personal Consumption Expenditures index — the Federal Reserve's preferred inflation measure — rose 0.3% monthly and 3.1% annually in September, in line with expectations, with markets pricing in a rate increase in December. Gold prices fell 0.5% to $4,000 per ounce.

Cryptocurrency exchange Binance announced that approximately $3 billion in assets were frozen following a security breach on the platform. Bitcoin declined 0.8% to $78,099, while Ethereum fell 0.6% to $2,242.