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Alphabet up 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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JOLTS job openings lower than forecast
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Indexes: Dow down 0.13%, S&P 500 up 0.14%, Nasdaq up 0.50%
(Updated at 11:45 a.m. ET/1545 GMT)
By Lisa Pauline Mattackal and Pranav Kashyap
Oct 29 (Reuters) - Wall Street's main indexes were mixed
in choppy trading on Tuesday as investors assessed a host of
corporate results and awaited Google-parent Alphabet's
earnings later in the day.
"Magnificent Seven" member Alphabet's shares gained 1.2%
ahead of its results due after market close.
This week marks the busiest period for S&P 500 earnings,
with eyes on five of the "Magnificent Seven" group of stocks
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.
"The S&P 500 appears to be consolidating, with investors
unwilling to take on additional risk until they have a clearer
picture over the state of the tech giants," said David Morrison,
senior market analyst at Trade Nation.
Other megacaps were mixed, with Nvidia ( NVDA ) rising 0.5%,
while Apple was flat and Tesla lost 1.5%.
There were plenty of earnings for investors to sift through.
Vans parent VF Corp ( VFC ) jumped 24.5% after the company
reported a profit for the first time in two quarters.
Ford slumped more than 8% after the automaker said on
Monday it expects to hit the lower end of its annual profit
forecast.
D.R. Horton ( DHI ) dropped 9.1% on Tuesday after the
homebuilder forecast 2025 revenue below estimates. Other
homebuilders lost ground, with the PHLX Housing index
dropping 3.3% and on track for its worst day since April.
Meanwhile, the Labor Department's JOLTS survey showed job
openings were at 7.44 million in September, compared with
estimates of 8 million, according to a Reuters poll of
economists.
A separate report showed consumer confidence stood at 108.7
in October, higher than the estimated 99.5.
Traders added to bets on further reductions to U.S.
short-term borrowing costs after the data, which helped stock
indexes pare some initial losses.
"The labor market no longer poses a threat to the price
stability side of the Fed's dual mandate," Wells Fargo
economists said.
The Dow Jones Industrial Average fell 54.35 points,
or 0.13%, to 42,333.22, the S&P 500 gained 8.37 points,
or 0.14%, to 5,831.89 and the Nasdaq Composite gained
93.74 points, or 0.50%, to 18,660.93.
The communication services sector, housing
Alphabet and Meta, was the top sectoral gainer, while utilities
slumped 1.8%.
Gains were also limited by a rise in bond yields, with the
benchmark U.S. 10-year Treasury yield breaching the
4.3% level for the first time since early July.
With earnings, geopolitical tensions in the Middle East, the
upcoming U.S. elections and a Fed meeting, investors are
anticipating a volatile few weeks.
The VIX has risen above 20 from below 15 in
September.
Declining issues outnumbered advancers for a 2.13-to-1 ratio
on the NYSE and a 1.27-to-1 ratio on the Nasdaq.
The S&P 500 posted 15 new 52-week highs and no new low,
while the Nasdaq Composite recorded 60 new highs and 46 new
lows.