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Alphabet leaps as AI investments boost cloud sales

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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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ADP jobs data posts beat, Q3 GDP advance numbers miss

estimates

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Indexes: Dow up 0.04%, S&P 500 down 0.14%, Nasdaq down

0.15%

(Updated at 9:47 a.m. ET/1347 GMT)

By Lisa Pauline Mattackal

Oct 30 (Reuters) -

U.S. stock indexes were muted on Wednesday as investors

assessed mixed corporate results as well as crucial data showing

the economy maintained a steady pace of growth in the third

quarter.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks due to report results this

week, soared 5.8% after the company beat expectations for

third-quarter revenue and profit on strength in its cloud

business and YouTube ad sales.

However, downbeat earnings elsewhere, notably a slump in

chip stocks, limited gains, as Advanced Micro Devices ( AMD )

dropped 8.9% after its forecasts for fourth-quarter revenue and

AI chip sales disappointed investors.

Other chip shares also slipped, with Nvidia ( NVDA ) down

2.1%, while the Philadelphia SE Semiconductor Index lost

2.9%.

A 3.9% loss in the shares of Caterpillar ( CAT ) weighed

on the blue-chip Dow after the company cut its annual sales

forecast

on slowing demand.

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. Core Personal Consumption Expenditure rose 2.2%

versus the 2.1% forecast.

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

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

cutting (interest rates) 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.

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.

Megacaps Microsoft and Meta Platforms ( META )

edged up 0.4% each, with both companies 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.

The Dow Jones Industrial Average rose 16.19

points, or 0.04%, to 42,249.24, the S&P 500 lost 8.19

points, or 0.14%, to 5,824.73 and the Nasdaq Composite

lost 28.88 points, or 0.15%, to 18,683.87.

Eli Lilly ( LLY ) slumped 13.3% after missing sales

estimates for its popular weight-loss and diabetes drug.

The S&P 500 Healthcare sector was the biggest

sectoral decliner, falling 1.5% to a three-month low, while

Alphabet's gains lifted Communication Services to an

all-time high.

Advancing issues outnumbered decliners by a 1.38-to-1

ratio on the NYSE, while declining issues outnumbered advancers

by a 1.14-to-1 ratio on the Nasdaq.

The S&P 500 posted 11 new 52-week highs and two new

lows, while the Nasdaq Composite recorded 49 new highs and 47

new lows.