Mixed Fortunes: U.S. Stocks and MegaCap Earnings

U.S. stock indexes showed mixed results with the Dow up, and the Nasdaq down due to investor evaluations of corporate earnings. Alphabet's robust revenue from its cloud business and YouTube ads bolstered performance, offsetting declines in chip stocks like AMD and Qorvo. Nvidia and Super Micro Computer faced significant losses.

On Wednesday, U.S. stock indexes experienced mixed outcomes as corporate earnings reports rolled in. While the Dow saw gains, the Nasdaq slipped, influenced by varied investor reactions to the releases.

Alphabet emerged as a bright spot, its shares climbing 4.1% after surpassing third-quarter revenue and profit expectations. The company's cloud services and YouTube ad sales were key contributors to its success. However, this was somewhat counterbalanced by a downturn in chip stocks, particularly Advanced Micro Devices and Qorvo, which faced substantial losses of 9.9% and 26.5%, respectively.

Nvidia and Super Micro Computer also reported declines, with the latter plummeting 32.7% following the resignation of Ernst & Young as its accountant. Despite these setbacks, investors are keenly focused on upcoming reports from tech giants like Microsoft and Meta Platforms, anticipating insights into AI investments.

(With inputs from agencies.)