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Alphabet jumps on earnings beat

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Eli Lilly ( LLY ) misses weight-loss, diabetes drug estimates

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AMD falls, weighing on chip stocks

(Updates as of 4 p.m. ET (1000 GMT))

By Abigail Summerville

Oct 30 (Reuters) -

The Nasdaq and S&P 500 closed lower on Wednesday as chip

stocks tumbled and investors await a host of corporate earnings.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks that report results this

week, rose after the company beat expectations for third-quarter

revenue and profit on strength in its cloud business and YouTube

ad sales.

Microsoft ( MSFT ) and Meta Platforms ( META ) are set

to report results after the bell, which are expected to provide

insight into whether heavy AI investment is translating into

better company performances.

Alphabet helped to offset falling chip stocks, weighed by

dour forecasts from Advanced Micro Devices ( AMD ) and Qorvo ( QRVO )

.

Meanwhile, shares of Super Micro Computer ( SMCI ) plunged

after Ernst & Young resigned as the company's accountant. Nvidia ( NVDA )

was also down.

The Information Technology sector was the biggest

sectoral decliner, while Alphabet's gains lifted the

Communication Services sector.

"Qorvo ( QRVO ), Advanced Micro and Super Micro - those are three

pretty big moves that are causing a little bit of angst and

taking some of the bloom off the rose from the stellar print

from Google last night," said Michael James, managing director

of equity trading at Wedbush Securities.

"The clear laser focus is going to be on the stock

specific reports and guides," James said.

According to preliminary data, the S&P 500 lost 16.01

points, or 0.27%, to end at 5,816.91 points, while the Nasdaq

Composite lost 96.37 points, or 0.52%, to 18,616.38. The

Dow Jones Industrial Average fell 65.14 points, or 0.15%,

to 42,167.91.

In economic data, the U.S. gross domestic product

increased at a 2.8% annualized rate, according to the Commerce

Department's advance estimate of third-quarter GDP, slightly

below economists' forecast of 3.0% growth.

A separate report showed U.S. private payrolls growth surged

by a higher-than-expected 233,000 jobs in October.

The neck-and-neck race between U.S. presidential

candidates Kamala Harris and Donald Trump was also at the top of

investors' minds ahead of the Nov. 5 election.

Starbucks ( SBUX ) is also set to report earnings after

the close.

Eli Lilly ( LLY ) fell after missing sales estimates for

its popular weight-loss and diabetes drugs.