A 10% plunge. Alphabet shares slipped in extended trading after the company disclosed that free cash flow swung negative ₹9.07 bn for Q3, a blow that sent Nasdaq futures tumbling 350 points on the day. Alphabet's filing revealed a negative free‑cash‑flow swing of ₹9.07 bn, starkly above the ₹2.7 bn analysts had pencilled in. The 12‑month‑old tech giant had been under pressure after its first quarterly loss since 2022, and the sharp drop in its stock price underscores the market’s sensitivity to cash‑flow metrics. Microsoft, by contrast, posted a 48% jump in Azure cloud revenue, topping expectations and nudging its shares up 2.5% post‑earnings. The company projected Q2 revenue of $96–$97.1 bn, beating the consensus of $95.6 bn and suggesting resilience in its cloud arm. Fed policy was a quiet backdrop, with rates held at 3.75–4% and a split on the FOMC. The market largely treated the decision as a status‑quo move, focusing instead on the tech earnings and the upcoming December policy outlook. Looking ahead, investors will be eyeing Amazon's post‑market report, as well as other big names like Eli Lilly and Mastercard, while Alphabet may recalibrate its capex guidance from ₹195–205 bn to ₹300 bn by 2027. Nasdaq futures are expected to rebound as the earnings cycle progresses, but volatility remains high amid the tech‑heavy trading day.