01:43 PM EDT, 10/30/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as investors evaluated the latest corporate earnings and economic data ahead of Microsoft ( MSFT ) and Meta Platforms' ( META ) results.

The Dow Jones Industrial Average was up 0.3% at 42,351.2 after midday Wednesday, while the S&P 500 and the Nasdaq Composite rose 0.1% each to 5,838.9 and 18,732.7, respectively. Among sectors, communication services paced the gainers, while technology saw the biggest drop.

Tech giants Microsoft ( MSFT ) and Facebook parent Meta are scheduled to report their latest quarterly financial results after Wednesday's closing bell, along with other major names like Amgen ( AMGN ) , Starbucks ( SBUX ) , DoorDash ( DASH ) , Carvana ( CVNA ) and eBay ( EBAY ) .

In company news, Garmin ( GRMN ) shares were up nearly 24%, the top gainer on the S&P 500, after the company delivered a third-quarter beat and raised its full-year outlook.

Alphabet's (GOOG, GOOGL) class A and C shares rose more than 4% each, the best performer on the Nasdaq. Late Tuesday, the Google ( GOOG ) parent logged stronger-than-expected third-quarter results, driven by strength in its advertising and cloud operations.

Super Micro Computer ( SMCI ) saw the steepest decline on the S&P 500 and the Nasdaq, down 33%, after Ernst & Young resigned as its public accounting firm.

Qorvo ( QRVO ) shares plunged 27%, the second-worst performer on the S&P 500. Late Tuesday, the company reported that its fiscal second-quarter results fell year over year, while it issued a downbeat fiscal third-quarter outlook.

The US two-year yield rose 2.2 basis points to 4.14% intraday, while the 10-year rate decreased 1.6 basis points to 4.26%.

In economic news, the US economy grew at a slower-than-projected pace in the third quarter, while inflation cooled, according to an advance estimate by the Bureau of Economic Analysis.

"Real (gross domestic product) growth remains strong, and this summer's fears of an imminent recession now seem grossly exaggerated," Desjardins said in a report.

Employment growth in the US private sector rose more than expected in October, while wage growth cooled, Automatic Data Processing (ADP) reported.

Mortgage applications in the US edged down last week as rates across all loan types increased, with the 30-year fixed rate for conforming loan balances reaching its highest level since July, the Mortgage Bankers Association said.

West Texas Intermediate crude oil rose 2.1% to $68.61 a barrel intraday.

The Organization of the Petroleum Exporting Countries and its allies could delay a planned oil output hike in December by at least one month amid soft demand and increasing supply, Reuters reported.

Gold was up 0.6% at $2,797.50 per troy ounce, while silver fell 1.2% to $34.03 per ounce.