(Bloomberg) — A rally in some of the largest tech companies pushed stocks higher, with Alphabet Inc. rallying in late hours as earnings beat estimates.
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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:
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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.
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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.
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Visa Inc. reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate.
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Homebuilder stocks are tumbled after industry bellwether D.R. Horton Inc. delivered a 2025 revenue forecast that failed to meet Wall Street’s expectations.
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Broadcom Inc. rallied after Reuters reported that OpenAI is working with the company on a new artificial-intelligence chip.
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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.
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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.
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Royal Caribbean Cruises Ltd. raised its earnings outlook for a fourth time this year and said it expects strong demand to continue.
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JetBlue Airways Corp.’s worse-than-expected sales forecast suggested a recovery will take some time.
