NEW YORK – The S&P 500 and Nasdaq closed higher on Oct 29 while the Dow fell in choppy trading as investors digested a host of corporate earnings and awaited Google-parent Alphabet’s results after the market close.
Alphabet, one of the so-called “Magnificent Seven” megacap technology stocks, rose ahead of its earnings report.
This is the busiest week for S&P 500 earnings in the quarter, with eyes on five of the “Magnificent Seven” companies that are reporting results.
The group’s results will be crucial to determining whether Wall Street can sustain the optimism around technology and artificial intelligence that has lifted indexes to record highs this year.
“I think one of the things the market is digesting is the idea of some degree of convergence in earnings growth between the high fliers – the Magnificent Seven that are obviously very high in terms of market weighting – versus the rest of the market,” said Bill Merz, head of Capital Markets Research for US Bank’s asset management group.
According to preliminary data, the S&P 500 gained 10.05 points, or 0.19 per cent, to end at 5,833.57 points, while the Nasdaq Composite gained 146.42 points, or 0.79 per cent, to 18,713.61. The Dow Jones Industrial Average fell 145.58 points, or 0.34 per cent, to 42,241.99.
Investors sifted through a deluge of corporate earnings. Vans parent VF Corp jumped after the apparel company reported its first profit in two quarters.
D.R. Horton fell on Oct 29 after the homebuilder forecast 2025 revenue below estimates. Other homebuilders lost ground, dragging down the PHLX Housing index.
Ford slumped a day after the automaker said it expected to hit the lower end of its annual profit forecast. Restaurant chain Chipotle Mexican Grill slipped ahead of its earnings later on Oct 29.
Meanwhile, the Labor Department’s JOLTS