Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Thursday, October 31st I'm your host Kim Khan. Our top story so far.

The stock market is getting spooked by the specter of Weak Tech Outlook.

A Halloween sell-off is hitting Wall Street, threatening

to take an axe to all the gains of October. The major averages are a spatter of blood, and now flat for the month while the Dow is off 0.75 percent, but the big

casualty is the NASDAQ falling 2.5 percent. Investors anxiously awaiting

bullish guidance for mega-caps, Microsoft and Meta, were left as

crestfallen as Linus in the sincere pumping patch with no great pumpkin.

Microsoft is slumping after guiding for a slight decline for growth at its azure unit to 31 to 32 percent in its fiscal Q2, from 34 percent in the just reported Q1.

Barclay's analyst Raimo Lenshaw said, in the short term we fear the weight will continue for Microsoft shares.

Short term supply issues around AI capacity are likely to cause stable Azure consumption trends in Q2 versus Q1,

which is solid, but not necessarily a new catalyst that gets investors excited.

Meta is faring better but also down.

J.P. Morgan analyst Doug Anmuth said, Strong 4Q Revenue Outlook, 45 billion to 48 billion, up 12 to 20 percent,

was offset by expectations for significant growth in 2025 cap-X and infrastructure-related expenses, especially depreciation.

But he added that the company has earned the right to spend big on generative AI.

Along with these Magnificent seven members, tech stocks are falling across the board including semiconductors.

Another tumble in AI darling supermico computer isn't helping even though its problems were more company specific.

The stock, which was at 350% this year at its peak, is now unchanged for 2024.

Looking to bonds are mixed after a double dose of inflation reports, the core PCCE price index, the Federal Reserve's Preferred Inflation Gage,

rose 0.3% month on month in September, matching the Economist's consensus.

On an annual basis, Core PCE, which excludes food and energy, increased 2.7 percent, a hair

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