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Alphabet leaps as AI investments boost cloud sales

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

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AMD falls, Reddit ( RDDT ) jumps after results

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ADP jobs data beats, Q3 GDP advance numbers miss estimates

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Futures: Dow down 0.20%, S&P 500 and Nasdaq flat

(Updated at 8:51 a.m. ET/1251 GMT)

By Lisa Pauline Mattackal

Oct 30 (Reuters) -

U.S. stock indexes were set for a subdued open on Wednesday,

as investors assessed mixed corporate results and parsed crucial

data that showed the economy had maintained a steady pace of

third-quarter growth.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks due to report results this

week, leapt 6.1% in premarket trading after the company beat

expectations for third-quarter revenue and profit on strength in

its cloud business and YouTube ad sales.

Semiconductor company Advanced Micro Devices ( AMD ) dropped

7.6% after its forecasts for fourth-quarter revenue and AI chip

sales disappointed investors.

Other chipmakers also slipped, with Nvidia ( NVDA ) down

0.9% and Intel ( INTC ) losing 1%.

The tech-heavy Nasdaq Composite closed at an

all-time high on Tuesday.

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.

"For the market, the stronger pace of GDP being paced by

personal consumption doesn't really make the case for the Fed

cutting at all," said Marc Ostwald, chief economist and global

strategist at ADM Investor Services International.

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.

"We may have some revisions when we go forward, but all

that really matters is the election next week, because that

could be quite pivotal in the direction that the U.S. takes

above all," Ostwald said.

A separate report

showed

U.S. private payrolls growth surged by a

higher-than-expected 233,000 jobs in October, despite fears of

temporary disruptions from hurricanes and strikes.

Tuesday's data showed U.S. job openings dropped to more than

a three-and-a-half-year low in September, leading traders to

increase bets on a 25-basis-point rate cut in the Federal

Reserve's November and December meetings. Economists polled by

Reuters echoed the view.

Shares of some other megacaps gained ground, with Microsoft ( MSFT )

and Meta Platforms ( META ) rising 1.8% each. Both

companies are scheduled to report results after the bell.

Given the significant role they played in Wall Street's

rally this year, megacaps will be the most closely watched in an

earnings-packed week. Their results are expected to provide

insight on whether heavy AI investment is translating into

better company performances.

Dow e-minis were down 88 points, or 0.21%, S&P

500 e-minis were down 0.75 points, or 0.01%, and Nasdaq

100 e-minis were up 6.75 points, or 0.03%.

Drugmaker Eli Lilly slumped 10.7% after missing

sales estimates for its popular weight-loss and diabetes drugs

due to inventory changes.

Reddit ( RDDT ) soared 22.3% after reporting quarterly

profit for the first time since going public, while Chipotle

Mexican Grill ( CMG ) lost 2.7% after it missed expectations for

same-store sales growth.