12:23 PM EDT, 10/30/2024 (MT Newswires) -- US equity indexes rose as quarterly earnings flooded in and investors weighed a slower-than-expected increase in the advance estimate for Q3 economic growth.

The S&P 500 climbed 0.2% to 5,845.4 after midday Wednesday, with the Nasdaq Composite up 0.1% to 18,738.9 and the Dow Jones Industrial Average 0.4% higher at 42,410.5. The communication services sector was the standout gainer, while technology and healthcare were the sole decliners intraday.

In company news, Alphabet's (GOOG, GOOGL) shares jumped 5.8% intraday, the top performer on the Nasdaq after the Internet search giant reported overnight a year-over-year jump in Q3 earnings and revenue.

Apart from Alphabet, four other companies from the Magnificent Seven group are reporting this week. Microsoft ( MSFT ) and Meta Platforms ( META ) are due to report after the bell Wednesday, while Apple ( AAPL ) and Amazon.com ( AMZN ) will release their quarterly results on Thursday.

Meanwhile, Super Micro Computer's ( SMCI ) shares plunged 32% intraday, the worst performer on the Nasdaq, after Ernst & Young resigned as its registered public accounting firm.

Garmin ( GRMN ) shares climbed 23% intraday, the top gainer on the S&P 500 after the company reported higher Q3 non-GAAP earnings and net sales while raising its fiscal 2024 guidance.

Visa (V) reported fiscal Q4 non-GAAP earnings and revenue that beat market expectations. Shares advanced 3.5% intraday, leading the Dow.

In economic news, US gross domestic product rose by 2.8% in Q3, slower than a 3% increase in Q2 and less than a 2.9% gain expected in a survey compiled by Bloomberg.

US Treasury yields traded mixed intraday, with the two-year up 1.8 basis points to 4.14%. The 10-year yield fell 2.4 basis points to 4.25%.

West Texas Intermediate crude oil jumped 2.5% to $68.89 a barrel.