Here's what is happening in the markets today, Friday, October 29th:

-  The S&P 500 and Nasdaq made new record highs yesterday

- Earnings Season is in full swing: 50% of S&P 500 companies have reported results and 80% beat expectations

- GDP data disappoints and shows the economy is slowing down

- Amazon (AMZN) drops 5% after disappointing earnings

- Apple (AAPL) drops 4% and warns about supply chain problems

- Microsoft (MSFT) could become the most valuable company today

- Starbucks (SBUX) drops 5% after missing earnings expectations

- Facebook (FB) is changing its name to Meta. New ticker symbol MVRS

This wraps up today's stock market news.

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