Wall Street experienced a mixed trading session on Wednesday as investors weigh a batch of corporate earnings and fresh economic data.
The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to advance estimates. This marks a slight deceleration from the previous quarter's 3% pace and falls short of analyst expectations of 3%.
On the employment front, the ADP National Employment report showed private payrolls surged by 233,000 in October —well above the 115,000 forecast and a significant increase from the revised 159,000 in September. This stronger-than-expected job growth underscores the resilience of the labor market ahead of Friday’s official jobs report.
In corporate news, Advanced Micro Devices Inc. (NASDAQ:AMD) dropped 10% after posting quarterly results that met expectations but failed to excite investors. The decline in AMD shares dragged down the broader semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:SOXX) sliding over 3%.
In contrast, Alphabet Inc. jumped more than 5% following a robust earnings report that beat Wall Street expectations, boosting optimism around mega-cap tech stocks.
At midday, major U.S. indexes were trading mixed. The S&P 500 and the tech-heavy Nasdaq 100 remained flat, while the small-cap Russell 2000 outperformed with a 0.5% gain.
Gold prices extended all-time highs, up 0.5% to $2,787 per ounce. Oil prices surged 2%, fueled by supply concerns.
Bitcoin (CRYPTO: BTC) eased 0.8% to $72,100, pulling back from recent highs.
Wednesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day % |
| Russell 2000 | 2,246.40 | 0.4% |
| Dow Jones | 42,309.80 | 0.2% |
| S&P 500 | 5,838.86 | 0.1 % |
| Nasdaq 100 | 20,505.98 | -0.1% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) inched 0.1% higher to $582.16.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.2% to $423.25.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.2% to $499.18.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.5% to $222.76.
- The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, up by 1.3%. The Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 0.9%.
Wednesday’s Stock Movers
- Super Micro Computer Inc. (NASDAQ:SMCI) tumbled 33% after auditors Ernst & Young announced their resignation amid reporting issues, five days ahead of the company’s earnings report.
Large-cap stocks reacting to earnings were:
- Eli Lilly and Company (NYSE:LLY), down 8%,
- Visa Inc. (NYSE:V), up 3.6%,
- AbbVie Inc. (NYSE:ABBV) up over 5%,
- Caterpillar Inc. (NYSE:CAT), down 1.4%,
- Chubb Ltd. (NYSE:CB), down 1%,
- Mondelez International Inc. (NASDAQ:MDLZ), up 1%,
- Chipotle Mexican Grill Inc. (NYSE:CMG), down over 7%,
- Snap Inc. (NYSE:SNAP), up 15%,
- Reddit Inc. (NYSE:RDDT), up 38%,
- Automatic Data Processing Inc. (NASDAQ:ADP), up 1%,
- Garmin Ltd. (NYSE:GRMN), up 24%.
Major companies reporting earnings after the close Wednesday include Microsoft Corp. (NYSE:MSFT), Meta Platforms Inc. (NASDAQ:META), Amgen Inc. (NASDAQ:AMGN), and Booking Holdings Inc. (NASDAQ:BKNG).
Read Next:
- Alphabet’s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday
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