Stock market today: Nasdaq, S&P 500 tip lower amid earnings rush, GDP, and jobs data

Published On Oct 30, 2024, 3:11 PM

U.S. stocks were mixed after Alphabet's strong earnings, which raised optimism among investors for upcoming Big Tech results. The Dow Jones edged up slightly, while the S&P 500 and Nasdaq fell marginally. Economic data revealed a slowdown in U.S. GDP growth to 2.8% for the third quarter, lower than expected, yet consumer spending remains robust. Private payroll growth reported by ADP surged, indicating a healthy labor market. Additionally, while Super Micro's stock plummeted over 30% due to an accounting firm's resignation, shares of major tech companies like Google and Meta are poised for potential gains as they prepare to report earnings, particularly with a focus on AI developments.

Read full article

Stock Forecasts

GOOGView GOOG chart on TradingView

Positive

Alphabet (GOOG) reported earnings that exceeded expectations, with significant growth attributed to its cloud services and AI advancements. This positive performance is likely to boost investor sentiment and potentially lead to higher stock prices in the near term as analysts raise price targets post-earnings.

METAView META chart on TradingView

Positive

Meta Platforms (META) is set to report earnings soon, and there is anticipation given Alphabet's strong results. If Meta can perform similarly, it should see an increase in its share price. Expectations are high for increased advertising revenue connected to its AI struggles.

SMCIView SMCI chart on TradingView

Negative

Super Micro Computer (SMCI) faces severe scrutiny and investor pessimism following its accounting firm's resignation. This situation could lead to further declines in the stock price if concerns about accounting practices persist.

AMDView AMD chart on TradingView

Negative

Advanced Micro Devices (AMD) stock has dropped sharply due to fears of a slowdown in AI demand despite positive commentary from analysts regarding its long-term growth prospects in the data center GPU market. Investors should approach with caution as short-term volatility may persist.

Related News

Meta to report Q3 earnings with AI, ad sales in focus

Oct 30, 2024, 8:18 AM

Meta will report its Q3 earnings after the bell on Wednesday.

META

Super Micro Computer stock tanks after accounting firm resigns

Oct 30, 2024, 9:56 AM

Super Micro shares sunk on Wednesday after accounting firm Ernst & Young resigned from working with the AI-focused tech company.

SMCI

Elon Musk Steps Up His Support for Donald Trump’s Campaign

Oct 30, 2024, 8:10 AM

The tech mogul is pushing even harder in the final days of the presidential race to get Donald Trump re-elected, with plenty at stake for his businesses.

TSLA
META