US equity markets finished the week lower, as a sharp selloff in mega-cap technology and communication services stocks overshadowed gains across most other sectors. The S&P 500 fell 0.6% for the week and the Dow Jones Industrial Average declined 0.8%. Alphabet posted its worst single-day decline on record, renewing questions about the durability of AI-related spending. Treasury yields declined across the curve, as the Federal Reserve held rates unchanged at its October meeting. WTI crude oil rose approximately 0.8% amid ongoing Middle East tensions and a drawdown in US crude inventories, while gold fell 2.7% as a stronger US dollar and selling to cover equity losses weighed on the metal. On the economic front, the advance estimate of third-quarter GDP showed the economy grew at a 3.4% annualized rate, ahead of expectations, while the Employment Cost Index rose 3.4% year-over-year, suggesting wage pressures are not meaningfully adding to inflation.