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Alphabet beats quarterly revenue estimates

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D.R. Horton ( DHI ) losses weigh on homebuilders

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Nasdaq hits record closing high at 18,712

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Indexes: Nasdaq up 0.78%, S&P up 0.16%, Dow down 0.36%

(Updates after the close)

By Abigail Summerville

Oct 29 (Reuters) -

The Nasdaq scored a record closing high and the S&P 500 rose

on Tuesday, while the Dow fell as investors digested a host of

corporate earnings and awaited Google-parent Alphabet's

results that came after the market close.

Alphabet, one of the so-called "Magnificent Seven" megacap

technology stocks, reported quarterly revenue that beat

estimates.

This is the busiest week for S&P 500 earnings in the

quarter, with eyes on five of the "Magnificent Seven" companies

that are reporting results.

The group's results will be crucial to determining whether

Wall Street can sustain the optimism around technology and

artificial intelligence that has lifted indexes to record highs

this year.

"I think one of the things the market is digesting is the

idea of some degree of convergence in earnings growth between

the high fliers - the Magnificent Seven that are obviously very

high in terms of market weighting - versus the rest of the

market," said Bill Merz, head of Capital Markets Research for

U.S. Bank's asset management group.

The Nasdaq Composite rose 145.56 points, or

0.78%, to 18,712.75, breaking the previous closing record in

July.

The S&P 500 climbed 9.45 points, or 0.16%, to

5,832.97. The Dow Jones Industrial Average fell 154.52

points, or 0.36%, to 42,233.05.

Investors sifted through a deluge of corporate earnings.

Vans parent VF Corp ( VFC ) jumped 27% after the apparel company

reported its first profit in two quarters.

D.R. Horton ( DHI ) fell 7.2% on Tuesday after the

homebuilder forecast 2025 revenue below estimates. Other

homebuilders lost ground, dragging the PHLX Housing index

down 2.5%.

Ford slumped 8.4% a day after the automaker said it

expected to hit the lower end of its annual profit forecast.

Visa and restaurant chain Chipotle Mexican Grill ( CMG )

posted earnings after the close.

Meanwhile, the Labor Department's JOLTS survey showed job

openings were at 7.44 million in September, compared with

estimates of 8 million, a Reuters poll of economists showed.

A separate report showed consumer confidence at 108.7 in

October, above the estimated 99.5.

Among sectors, communication services, which

includes Alphabet and Meta, was the top gainer, while utilities

dropped 2.1%.

Gains were limited as the benchmark U.S. 10-year Treasury

yield touched 4.3% for the first time since early

July.

Investors are anticipating a volatile few weeks with more

corporate earnings, Middle East tensions, and the Nov. 5 U.S.

elections followed by the Federal Reserve's policy-setting

meeting.

Declining issues outnumbered advancers by a 1.78-to-1 ratio

on the NYSE. There were 176 new highs and 75 new lows on the

NYSE.

The S&P 500 posted 19 new 52-week highs and no new lows

while the Nasdaq Composite recorded 93 new highs and 70 new

lows.

Volume on U.S. exchanges was 12.59 billion shares,

compared with the 11.5 billion full-session average over the

last 20 trading days.