Stocks dipped on Wednesday as investors processed a flood of earnings reports and looked ahead to more results from major tech companies.
The S&P 500 fell 0.33 per cent, closing at 5,813.67. The Dow Jones Industrial Average dropped 91.51 points, or 0.22 per cent, finishing at 42,141.54. Meanwhile, the tech-focused Nasdaq Composite declined 0.56 per cent after briefly hitting a new record high, closing at 18,607.93.
Alphabet kicked off a pivotal week for big tech earnings, exceeding analysts’ expectations with robust quarterly revenue growth from its cloud business. This news propelled shares up nearly 3 per cent.
In contrast, other earnings reports were less encouraging. Chipmaker AMD saw its shares plummet over 10 per cent after its fourth-quarter revenue guidance fell short of expectations. The semiconductor sector took a hit as Super Micro Computer’s shares tumbled nearly 33 per cent following the departure of its auditor, raising red flags about its financials.
Tech giants Meta Platforms and Microsoft are set to report on Wednesday, with Apple and Amazon scheduled for Thursday.
Looking the S&P 500 sectors, communications services emerged as the best performer, rising by 0.99 per cent, while technology was the weakest sector, declining by 1.34 per cent.
On the economic front, recent data painted a mixed picture. The U.S. economy grew at a slower pace than anticipated in the third quarter, with GDP increasing at an annualized rate of 2.8 per cent. Economists surveyed by Dow Jones had predicted a 3.1 per cent rise.
However, payroll data released on Wednesday indicated a stronger-than-expected labor market. The latest ADP report for October showed private job creation surged to its highest level in over a year.
Ex-Dividends
London City Equities Ltd (ASX:LCE) is paying 1.5 cents fully franked
Metrics Real Estate Multi-Strategy Fund (ASX:MRE) is paying 1.27 cents unfranked
Autosports Grp Ltd (ASX:ASG) is paying 8 cents fully franked
Metrics Income Opportunities Trust (ASX:MOT) is paying 1.64 cents unfranked
Metrics Master Income Trust (ASX:MXT) is paying 1.32 cents unfranked
Imperial Pacific Ltd (ASX:IPC) is paying 7 cents fully franked
Dividends payable
Steamships Trading Co Ltd (ASX:SST)
Rural Funds Group (ASX:RFF)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.
