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US STOCKS-Wall Street struggles for direction ahead of Alphabet earnings
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US STOCKS-Wall Street struggles for direction ahead of Alphabet earnings
Nov 3, 2024 2:03 PM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

Alphabet up ahead of earnings after the bell

*

Ford falls after results

*

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.

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