Wall Street Closes Mixed Ahead of U.S. GDP Data and Meta, Microsoft Earnings Reports

Investors are closely monitoring the quarterly earnings season, with the so-called “Magnificent Seven” taking center stage this week.

The three major Wall Street indices showed mixed performance during Tuesday’s session. The Dow Jones Industrial Average, which tracks 30 large-cap companies, fell 0.36% to 42,233.05 points. Meanwhile, the S&P 500 gained 0.16% to 5,832.92, and the tech-heavy Nasdaq Composite advanced 0.78% to 18,712.75.

Investors were particularly focused on Alphabet’s third-quarter earnings (+1.76%). The Google parent beat estimates across the board—on earnings, revenue, ad revenue, and cloud income—and surged 5% in after-hours trading.

The rest of the major tech players also posted gains: Apple (+0.12%), Nvidia (+0.52%), Microsoft (+1.26%), Amazon (+1.30%), and Meta Platforms (+2.62%). The exception was Tesla (-1.14%), which extended its losses for a second straight session after surging 21% last week.

Tomorrow, the spotlight will be on two of the world’s largest companies—Microsoft and Meta—as they release their third-quarter results. Later in the week, Apple and Amazon are scheduled to report earnings on Thursday, with the market looking for signs of strength driven by artificial intelligence.

In economic news, the U.S. Consumer Confidence Index, published by The Conference Board, rose to its highest level in nine months in October, driven by improved perceptions of the labor market.

This data reinforces expectations that the Federal Reserve may slow the pace of interest rate cuts. According to CME Group’s FedWatch tool, futures now price in a 99% probability of a 25-basis-point rate cut.

Sector-wise, most industries closed in the red, led by declines in utilities and energy, while only communications and technology stocks advanced. Within the Dow Jones, Home Depot (-1.94%) and Coca-Cola (-1.66%) led the losses.

Looking ahead, alongside Microsoft and Meta’s reports, investors will focus on the U.S. third-quarter GDP data, due tomorrow. This, along with labor data on Thursday and Friday, could offer further insights into the Federal Reserve’s next moves on interest rates.