*

Alphabet jumps to over three-month high

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

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AMD falls, weighing on chip stocks

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Indexes: Dow up 0.19%, S&P 500 unchanged, Nasdaq down

0.09%

(Updates at 2:20 p.m. ET (1820 GMT))

By Abigail Summerville

Oct 30 (Reuters) -

U.S. stock indexes were mixed on Wednesday, with the Dow

gaining and the tech-heavy Nasdaq falling, as investors assessed

a host of corporate earnings.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks that report results this

week, rose 4.1% after the company beat expectations for

third-quarter revenue and profit on strength in its cloud

business and YouTube ad sales.

That helped to offset falling chip stocks, weighed by dour

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

, which lost 9.9% and 26.5%, respectively.

Meanwhile, shares of Super Micro Computer ( SMCI ) plunged

32.7% after Ernst & Young resigned as the company's accountant.

Nvidia ( NVDA ) was down 1.2%.

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.

By 2:20 p.m. ET (1820 GMT), the Dow Jones Industrial

Average rose 79.44 points, or 0.19%, to 42,312.49, the

S&P 500 lost 0.21 points, or 0.00%, to 5,832.79 and the

Nasdaq Composite lost 17.40 points, or 0.09%, to

18,695.35.

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.

Traders anticipate a 25-basis-point rate cut in the Federal

Reserve's November and December meetings.

Megacaps Microsoft and Meta Platforms ( META ) rose

ahead of their scheduled results after the bell, which are

expected to provide insight into whether heavy AI investment is

translating into better company performances.

Starbucks ( SBUX ) is also set to report earnings after

the close.

Eli Lilly ( LLY ) lost 8.8% after missing sales

estimates for its popular weight-loss and diabetes drugs.

Advancing issues outnumbered decliners by a 1.44-to-1

ratio on the NYSE, and by a 1.09-to-1 ratio on the Nasdaq.

The S&P 500 posted 23 new 52-week highs and five new

lows while the Nasdaq Composite recorded 117 new highs and 75

new lows.