01:10 PM EDT, 10/30/2024 (MT Newswires) -- US benchmark stock indexes advanced amid a flood of quarterly earnings and as investors weighed a weaker-than-forecast increase in the advance estimate for Q3 economic growth.

The S&P 500 climbed 0.2% to 5,845.4 after midday Wednesday. The Nasdaq Composite was up 0.1% at 18,738.9, and the Dow Jones Industrial Average was 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 5.5% intraday, the top performer on the Nasdaq, after the Internet search giant overnight posted stronger-than-expected third-quarter results.

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 on Wednesday, while Apple ( AAPL ) and Amazon.com ( AMZN ) will release their quarterly results on Thursday.

Meanwhile, Super Micro Computer ( SMCI ) shares plunged 32% intraday, the worst performer on the S&P 500 and the Nasdaq, after Ernst & Young resigned as its registered public accounting firm.

Garmin ( GRMN ) shares climbed 24% 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 3.9% 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 Bloomberg survey.

Q3 GDP is "better than it appears as real final sales to domestic purchasers matched their largest gain since the first three months of 2023," Ryan Sweet, Chief US Economist at Oxford Economics, said in a note. Nevertheless, "we don't expect that Q3 GDP to alter the Fed's calculus for its November meeting and the forecast remains for a 25bp rate cut."

Overall, the GDP numbers are strong, Jefferies US economist Thomas Simons said in a note. The bulk of growth was driven by consumer spending and contributed 2.5 percentage points to top-line growth.

According to the National Association of Realtors, pending home sales rose by 7.4% in September, well above the 1.9% gain expected in a Bloomberg survey.

Also, ADP's monthly measure of private payrolls showed a 233,000 increase in October, above the 111,000 consensus in a Bloomberg survey. The October gain followed an upwardly revised 159,000 gain in September.

US Treasury yields traded mixed intraday, with the two-year up 1.4 basis points to 4.13%. The 10-year yield fell 3.4 basis points to 4.24%.

West Texas Intermediate crude oil jumped 2.4% to $68.81 a barrel.

Gold rose 0.6% to $2,796.01 an ounce, while silver fell 1.2% to $34.03 an ounce.