Stock market today
A lower close for the US stock market today. Nasdaq closed flat, small-cap stocks underperformed. The closing numbers for the US stock market today are the following.
S&P 500: 4,551.68,-23.11(-0.51%)
Dow 30: 35,490.69,-266.19(-0.74%)
Russell 2000: 2,252.49,-43.58(-1.90%)
Stock market news
“The S&P 500 and Dow pulled back from record levels on Wednesday while the Nasdaq gained, as investors eyed a slew of stronger-than-expected earnings results from closely watched technology companies. The Nasdaq 100 set a record high.
West Texas intermediate crude oil prices retreated after a recent run-up but remained near their highest level since 2014. Treasury yields sank across the curve, and the benchmark 10-year yield fell below 1.6%.
Google’s parent-company Alphabet (GOOG, GOOGL) reached a record high, rising in its best day since February after posting third-quarter revenues and earnings that topped consensus estimates. These results were fueled by a further rise in online advertising spending, especially among retailers on Google Search. YouTube and Google Cloud revenue growth, however, slowed compared to the prior quarter. And Microsoft (MSFT) posted quarterly results that exceeded estimates on nearly every major metric, aided by another surge in the company’s closely watched cloud computing business segment. The Redmond, Washington-based company also saw its stock jump to a record high on Wednesday following its latest report.
Outside of the mega-cap technology companies, a number of other corporations also posted resilient earnings results. Twitter (TWTR) shares gained in late trading after posting third-quarter sales that were about in-line with expectations, while Wall Street had braced for the company to see similar negative impacts from Apple’s iOS privacy update as peer social media company Snap (SNAP) had reported for the same quarter.
And chipmaker Advanced Micro Devices (AMD) also delivered quarterly earnings that exceeded estimates and boosted its full-year forecast. The company noted that supply chain constraints were partially inhibiting its ability to meet demand to provide PC and video-game console chips, though CEO Lisa Su added during AMD’s earnings call that she believed the current supply-side challenges would improve next year.”