*

Microsoft ( MSFT ) and Meta beat quarterly revenue estimates

*

AMD falls, weighing on chip stocks

*

Alphabet jumps on earnings beat

*

Indexes down: Dow 0.22%, S&P 0.33%, Nasdaq 0.56%

(Updates as of 4:30 p.m. ET (1030 GMT))

By Abigail Summerville

Oct 30 (Reuters) -

U.S. stock indexes closed lower on Wednesday as chip stocks

tumbled and investors awaited a host of corporate earnings.

Microsoft ( MSFT )

and

Meta Platforms ( META )

reported earnings after the bell, with both

beating quarterly revenue estimates.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks that reported results this

week, rose 2.8% after the company on Tuesday beat expectations

for third-quarter revenue and profit.

Alphabet helped to offset falling chip stocks, weighed by

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

, which fell 10.6% and 27.3%, respectively.

Meanwhile, shares of Super Micro Computer ( SMCI ) plunged

32.6% after Ernst & Young resigned as the company's accountant.

Nvidia ( NVDA ) slipped 1.4%.

The information technology sector was the biggest

sectoral decliner, falling 1.34%, 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.

The Dow Jones Industrial Average fell 91.51

points, or 0.22%, to 42,141.54, the S&P 500 lost 19.25

points, or 0.33%, to 5,813.67 and the Nasdaq Composite

lost 104.82 points, or 0.56%, to 18,607.93.

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.

Eli Lilly ( LLY ) fell 6.2% after missing sales

estimates for its popular weight-loss and diabetes drugs.

Starbucks ( SBUX )

reported earnings

after the close showing a drop in quarterly sales as global

demand suffers.

Advancing issues outnumbered decliners by a 1.01-to-1

ratio on the NYSE. There were 210 new highs and 52 new lows on

the NYSE.

The S&P 500 posted 24 new 52-week highs and five new

lows, while the Nasdaq Composite recorded 126 new highs and 98

new lows.