Nasdaq Hits Record As Alphabet Jumps In Late Hours: Markets Wrap
The S&P 500 rose 0.2%. The Nasdaq 100 added 1%. The Dow Jones Industrial Average fell 0.4%.
A rally in some of the largest tech companies pushed stocks higher, with Alphabet Inc. rising in late hours as earnings beat estimates.
The Nasdaq Composite hit an all-time high, while the S&P 500 saw a mild gain. Between Tuesday and Thursday, big techs with a combined market value of more than $12 trillion report their quarterly results. Shares of Google’s parent climbed 3.5% after the close of regular trading. Advanced Micro Devices Inc. sank 6% amid a lackluster revenue forecast.
“Investors will need to see bigger revenue and earnings surprises for the group to outperform,” said Chris Senyek at Wolfe Research. “Our sense is a solid earnings season could once again put the group on a path to outperform into year-end.”
Just about a week away from the Federal Reserve decision, data showed US job openings fell to the lowest since early 2021. The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut. A separate reading showed consumer confidence hit the highest since the start of the year.
The S&P 500 rose 0.2%. The Nasdaq 100 added 1%. The Dow Jones Industrial Average fell 0.4%. Bitcoin’s rally put the cryptocurrency on the verge of topping a record high of almost $74,000 reached in March. Treasury 10-year yields declined two basis points to 4.27%.
Corporate Highlights:
Reddit Inc. beat sales expectations for the third quarter and projected a strong holiday season as the newly public company continues to see its investments in advertising technology pay off.
Chipotle Mexican Grill Inc. reported third-quarter sales that fell just short of Wall Street’s expectations, highlighting the high bar investors are holding the chain to after strong performance earlier this year.
Visa Inc. reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate.
Homebuilder stocks are tumbled after industry bellwether D.R. Horton Inc. delivered a 2025 revenue forecast that failed to meet Wall Street’s expectations.
Broadcom Inc. rallied after Reuters reported that OpenAI is working with the company on a new artificial-intelligence chip.
Pfizer Inc. Chief Executive Officer Albert Bourla said he’ll do “whatever it takes” to keep profits growing, including further cost cuts, as he seeks to fend off allegations of mismanagement from activist investor Starboard Value LP.
McDonald’s Corp. sales fell short of Wall Street’s expectations in the third quarter following weakness in international markets such as France, China, the UK and the Middle East.
Royal Caribbean Cruises Ltd. raised its earnings outlook for a fourth time this year and said it expects strong demand to continue.
JetBlue Airways Corp.’s worse-than-expected sales forecast suggested a recovery will take some time.
Key events this week:
Eurozone consumer confidence, GDP, Wednesday
US GDP, ADP employment, pending home sales, Wednesday
Meta Platforms, Microsoft earnings, Wednesday
US Treasury Department holds quarterly refunding announcement of bond-auction plans, Wednesday
China Manufacturing and non-manufacturing PMI, Thursday
Bank of Japan rate decision, Thursday
Eurozone CPI, unemployment, Thursday
US personal income, spending and PCE inflation data, initial jobless claims, Thursday
Amazon, Apple earnings, Thursday
China Caixin manufacturing PMI, Friday
US employment, ISM manufacturing, Friday
Some of the main moves in markets:
Stocks
The S&P 500 rose 0.2% as of 4 p.m. New York time
The Nasdaq 100 rose 1%
The Dow Jones Industrial Average fell 0.4%
The MSCI World Index was little changed
The Nasdaq Composite rose 0.8%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.0813
The British pound rose 0.2% to $1.3004
The Japanese yen was little changed at 153.44 per dollar
Cryptocurrencies
Bitcoin rose 4.2% to $72,510.01
Ether rose 4.3% to $2,624.19
Bonds
The yield on 10-year Treasuries declined two basis points to 4.27%
Germany’s 10-year yield advanced five basis points to 2.34%
Britain’s 10-year yield advanced six basis points to 4.32%
Commodities
West Texas Intermediate crude fell 0.2% to $67.24 a barrel
Spot gold rose 1.1% to $2,772.44 an ounce
This story was produced with the assistance of Bloomberg Automation.