US stocks close mixed as Nasdaq and S&P 500 snap 3-day win streaks on weak tech earnings
- US stocks finished mixed as the Nasdaq snapped a three-day win streak amid weak tech earnings.
- But the Dow Jones Industrial Average extended its rally to a fourth consecutive session.
US stocks finished mixed on Wednesday, as the Nasdaq and S&P 500 snapped three-day win streaks amid disappointing quarterly reports from tech giants.
Google parent Alphabet reported an unexpected slowdown in revenue, and Microsoft reported its lowest revenue growth in five years while also warning on the strong US dollar's effect on earnings. Chips stocks also slumped after Texas Instruments provided guidance that missed analysts' forecasts.
Meanwhile, the Dow Jones Industrial Average eked out a gain to extend its rally to a fourth consecutive session, helped in part by strong earnings from Visa.
The tech sector will be in motion again this week as Facebook parent Meta reports late Wednesday, while Apple, Amazon and Intel report after the close on Thursday.
Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:
- S&P 500: 3,830.68, down 0.74%
- Dow Jones Industrial Average: 31,839.84, up 0.01% (3.10 points)
- Nasdaq Composite: 10,970.99, down 2.04%
Here's what else is happening today:
- The 30-year fixed mortgage rate hit a 21-year high of 7.16% in the week ending October 21, Mortgage Bankers Association data showed Wednesday.
- Russia likely won't have enough vessels to move its oil after a price cap takes effect, due largely to increased competition for ice-class ships, S&P Global said.
- The S&P 500 could fall another 25% as stocks have failed to price in the worst-case economic downturn next year, Goldman Sachs said.
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