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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

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Indexes: Dow down 0.18%, S&P 500 up 0.23%, Nasdaq up 0.72%

(Updates to mid-afternoon)

By Abigail Summerville

Oct 29 (Reuters) - Wall Street's main indexes struggled

for direction on Tuesday as investors digested a host of

corporate earnings and awaited Google-parent Alphabet's

results later in the day.

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

technology stocks, gained 1.8% ahead of its results due after

the market close.

This week marks the busiest period for S&P 500 earnings,

with eyes on five of the "Magnificent Seven" companies that are

reporting quarterly 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.

Other megacaps were mixed, with Nvidia ( NVDA ) up 0.6%,

while Apple ( AAPL ) rose 0.2% and Tesla lost 1.4%.

Investors sifted through a deluge of corporate earnings.

Vans parent VF Corp ( VFC ) jumped 22.2% after the apparel

company reported its first profit in two quarters.

D.R. Horton ( DHI ) dropped 8.5% on Tuesday after the

homebuilder forecast 2025 revenue below estimates. Other

homebuilders lost ground, with the PHLX Housing index

dropping over 3% and on track for its worst day since April.

Ford slumped more than 8% 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.

The Dow Jones Industrial Average fell 77.30

points, or 0.18%, to 42,310.27. The S&P 500 gained 13.60

points, or 0.23%, at 5,837.12 and the Nasdaq Composite

rose 133.90 points, or 0.72%, to 18,701.09.

Among sectors, communication services, which

includes Alphabet and Meta, was the top gainer, while utilities

slumped 1.8%.

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

upcoming corporate earnings, Middle East tensions, and the Nov.

5 U.S. elections followed by the Federal Reserve's

policy-setting meeting.

Declining issues outnumbered advancers by a 2.25-to-1 ratio

on the NYSE and a 1.37-to-1 ratio on the Nasdaq.

The S&P 500 posted 17 new 52-week highs and no new lows

while the Nasdaq Composite recorded 75 new highs and 57 new

lows.