Profit Surges and Tech Slips: Wall Street's Mixed Day

Wall Street experienced mixed results as Morgan Stanley reported a strong Q3 profit, boosting financial stocks, while declines in tech, notably Intel, and the broader Communication Services sector weighed down the indexes. Investors are watching earnings reports and anticipating economic data releases this week.

Wall Street had a day of mixed fortunes as major indices showed varying trends amid a swirl of economic events and earnings results.

Morgan Stanley stood out with an impressive 6.7% rise after reporting strong third-quarter profits, significantly lifting the financial sector alongside other banks like JPMorgan Chase, which also presented robust earnings figures.

However, the technology sector faced setbacks, with Intel shares slipping 3.3% after Chinese authorities recommended a review of its products, and adjustments in the financial forecasts of major semiconductor companies contributed to a challenging day for some stocks.

(With inputs from agencies.)