By Chelsey Dulaney and Hannah Miao
Big Tech is being put to the earnings test.
Alphabet's stock climbed after the Google parent reported strong results, bolstered by its cloud division. But disappointing guidance from chipmaker AMD offered a more mixed picture of AI demand.
Investors will scour results from Microsoft and Facebook parent Meta Platforms after Wednesday's close. Apple and Amazon are slated for Thursday.
In economic news, preliminary GDP data indicated the U.S. economy continued growing, but at a slower pace than expected. Meanwhile, payrolls data from ADP showed private-sector jobs grew more than expected.
In recent trading:
U.S. stock indexes mostly fell. The Nasdaq Composite and the S&P 500 were lower, while the Dow industrials were little changed.
Benchmark Treasury yields fell. Signs of a strong economy have lifted yields recently as investors have recalibrated expectations for interest-rate cuts.
Bitcoin prices edged below $72,000 following this week's rally. The cryptocurrency is increasingly viewed as a "Trump trade." Shares of another proxy - Trump Media, the parent of Truth Social - fell, after surging in recent days.
European shares fell. The benchmark Stoxx Europe 600 was down more than 1% after regional inflation data came in slightly hotter than expected.
Crude-oil futures rose more than 1%. Oil prices remain down for the week, however, as fears have eased about potential supply disruptions from the Middle East.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com and Hannah Miao at hannah.miao@wsj.com
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(END) Dow Jones Newswires
October 30, 2024 09:51 ET (13:51 GMT)
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