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Alphabet rises ahead of earnings after the bell

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Ford falls after results

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

(Updates to close)

By Abigail Summerville

Oct 29 (Reuters) -

The S&P 500 and Nasdaq closed higher on Tuesday while the

Dow fell in choppy trading as investors digested a host of

corporate earnings and awaited Google-parent Alphabet's

results after the market close.

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

technology stocks, rose ahead of its earnings report.

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.

According to preliminary data, the S&P 500

gained 10.05 points, or 0.19%, to end at 5,833.57 points,

while the Nasdaq Composite gained 146.42 points, or

0.79%, to 18,713.61. The Dow Jones Industrial Average

fell 145.58 points, or 0.34%, to 42,241.99.

Investors sifted through a deluge of corporate earnings.

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

reported its first profit in two quarters.

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

forecast 2025 revenue below estimates. Other homebuilders lost

ground, dragging down the PHLX Housing index.

Ford slumped a day after the automaker said it

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

Restaurant chain Chipotle Mexican Grill ( CMG ) slipped ahead of

its earnings later on Tuesday.

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

was a drag on the S&P.

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

yield touched 4.3% for the first time since early

July.

"As bond yields go up and bond prices go down, other assets

that historically have bond-like characteristics like utilities

could be under slightly more pressure," Merz said.

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.