US close: Markets mixed before tech earnings, but Nasdaq hits new high

US stock markets finished mixed on Tuesday as investors kept a lid on risk appetite amid a barrage of corporate earnings and economic data, though the Nasdaq still managed to push ahead to a new high.

The Dow finished 0.4% lower at 42,233.05, while the S&P 500 rose 0.2% to 5,832.92, while the Nasdaq gained 0.8% to 18,712.75, topping its previous record of 18,647.45 reached on 10 July.

While plenty of earnings were released during the session, tech stocks were in focus with five of the Magnificent Seven stocks all due to report this week. Google parent Alphabet is up first with results due out after Tuesday's closing bell.

“Generally speaking, if these companies show strong results, it could give investors a big boost of confidence in tech spending – both for everyday consumers and businesses. It would be a sign that tech is holding steady, even with the current economic challenges," said AvaTrade’s chief market analyst, Kate Leaman.

"Solid growth in cloud services and a rebound in digital ads would especially lift spirits in the industry, likely giving tech stocks a nice lift in the near term.”

Blue chips Snap, Reddit and Advanced Micro Devices were also in focus ahead of their quarterly numbers due out after the close.

Economic data barrage

On the macro front, preliminary numbers from the Commerce Department revealed that the US trade deficit had widened 14.9% to a two-and-a-half-year high of $108.2bn in September.

Wholesale inventories fell by 1% month-on-month in September, according to the Census Bureau, down to $905.0bn, following a revised 0.2% increase in August. Durable goods inventories declined by 0.2%, while non-durable goods stocks rebounded by 0.2%.

The Conference Board's consumer confidence index increased to 108.7 in October, up from 99.2 in September, with the present situation index increasing by 14.2 points to 138.0 and the expectations index rising 6.3 points to 891.

September's JOLTS job report revealed the number of job openings in the US had fallen by 418,000 to 7.44m last month, according to the Bureau of Labor Statistics, down from a revised print of 7.86m in August and short of analysts' expectations of 7.99m.

Finally, S&P CoreLogic/Case-Shiller said that US home prices increased by 4.2% in August, down from the 4.8% gain seen in July as higher interest rates curbed growth.

Market movers

McDonald's finished lower despite third-quarter earnings surpassing Wall Street expectations, as sentiment was weighed down by international challenges. US comparable sales rose 0.3%, but overall same-store sales fell 1.5% as international operated markets saw sales fall 2.1%.

Pfizer also underwhelmed despite a bullish update, in which it lifted full-year guidance after third-quarter numbers beat Wall Street expectations. The firm raised its full-year revenue target to between $61bn and $64bn, from $59.5bn to $62.5bn, following a 31% jump in third-quarter revenues.

Shares in Ford tanked 8% on the news that more than 1,000 workers will go on strike on Wednesday in a long-running dispute over pay and contract changes. Union Unite said on Tuesday that Ford has failed to offer its administrative workers a permanent pay increase. Instead, the car maker has offered many of its office workers a one-off payment for 2024 and wants to impose 100% performance related pay from 2025 for all staff.

Miami-based cruise operator Royal Caribbean rose after it reported adjusted third-quarter earnings per share of $5.20, surpassing analyst expectations of $5.04, while Vans and North Face owner VF Corporation surged 27% after smashing forecasts with its second-quarter profits.

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $298.89 1.74%
Boeing Co. (BA) $152.98 1.52%
Microsoft Corp. (MSFT) $431.95 1.26%
Cisco Systems Inc. (CSCO) $55.68 0.72%
Goldman Sachs Group Inc. (GS) $524.40 0.13%
Apple Inc. (AAPL) $233.67 0.12%

Dow Jones - Fallers

Home Depot Inc. (HD) $395.07 -1.94%
Coca-Cola Co. (KO) $65.56 -1.66%
Travelers Company Inc. (TRV) $248.80 -1.47%
Chevron Corp. (CVX) $148.52 -1.34%
Walmart Inc. (WMT) $81.70 -1.27%
Procter & Gamble Co. (PG) $167.24 -1.26%
Dow Chemical Co. (DOW) $49.46 -1.26%
International Business Machines Corporation (CDI) (IBM) $210.43 -1.16%
JP Morgan Chase & Co. (JPM) $222.90 -1.15%
Walgreens Boots Alliance, Inc. (WBA) $9.35 -0.95%

S&P 500 - Risers

VF Corp. (VFC) $21.63 27.01%
Cadence Design Systems Inc. (CDNS) $284.45 12.53%
Incyte Corp. (INCY) $73.60 12.04%
F5 Inc. (FFIV) $240.33 10.06%
Ipg Photonics Corp. (IPGP) $85.05 7.29%
Synopsys Inc. (SNPS) $529.21 6.66%
Waste Management Inc. (WM) $219.18 5.21%
Welltower Inc (WELL) $137.34 5.18%
Corning Inc. (GLW) $49.03 4.68%
Broadcom Inc. (AVGO) $179.24 4.20%

S&P 500 - Fallers

Stanley Black & Decker Inc. (SWK) $93.89 -8.77%
Ford Motor Co. (F) $10.41 -8.44%
D. R. Horton Inc. (DHI) $167.32 -7.24%
Nektar Therapeutics (NKTR) $1.27 -6.62%
HF Sinclair Corporation (DINO) $40.78 -4.85%
Phillips 66 Common Stock (PSX) $123.33 -4.36%
American Tower Corp (Reit) (AMT) $212.91 -4.19%
NextEra Energy Inc. (NEE) $79.56 -3.99%
Paypal Holdings Inc (PYPL) $80.28 -3.96%
Marathon Petroleum Corporation (MPC) $145.34 -3.83%

Nasdaq 100 - Risers

Cadence Design Systems Inc. (CDNS) $284.45 12.53%
Incyte Corp. (INCY) $73.60 12.04%
Synopsys Inc. (SNPS) $529.21 6.66%
Broadcom Inc. (AVGO) $179.24 4.20%
Lam Research Corp. (LRCX) $78.31 3.79%
KLA-Tencor Corp. (KLAC) $696.23 3.24%
Texas Instruments Inc (TXN) $211.35 2.68%
Meta Platforms Inc. (META) $593.28 2.62%
Applied Materials Inc. (AMAT) $190.12 2.58%
Microchip Technology Inc. (MCHP) $79.05 2.40%

Nasdaq 100 - Fallers

Check Point Software Technologies Ltd. (CHKP) $177.87 -14.47%
Paypal Holdings Inc (PYPL) $80.28 -3.96%
Ross Stores Inc. (ROST) $139.01 -2.90%
Vodafone Group Plc ADS (VOD) $9.28 -2.73%
Dollar Tree Inc (DLTR) $64.50 -2.66%
Western Digital Corp. (WDC) $68.30 -2.02%
O'Reilly Automotive Inc. (ORLY) $1,175.90 -1.77%
DENTSPLY Sirona Inc. (XRAY) $23.23 -1.61%
Mercadolibre Inc. (MELI) $2,026.57 -1.44%
Align Technology Inc. (ALGN) $212.77 -1.40%