At the close of the stock market, the broad S&P 500 index was up 0.2 percent to 5,833, while the Dow Jones Industrial Average fell 0.4 percent to 42,233, and the tech-heavy Nasdaq Composite climbed 0.8 percent to 18,713.
On the macroeconomic front, the US household confidence indicator rose to 108.7 in October from 99.2 in September, according to the Conference Board’s monthly survey. This exceeded the expected consensus of 99.5 according to Trading Economics.
Meanwhile, the number of job vacancies in the US dropped to 7.443 million in September from a revised 7.861 million the previous month, according to seasonally adjusted statistics from the US Department of Labor. The consensus forecast was 7.99 million, as reported by Trading Economics.
In terms of sector performance, technology-related stocks saw clear gains. Alphabet and AMD, both of which reported their earnings for the previous quarter after the market closed, rose by 1.8 and 4.0 percent, respectively. Similarly, Nvidia, Meta Platforms, and Microsoft saw increases of 0.5, 2.7, and 1.3 percent. Meta Platforms and Microsoft are set to release their third-quarter earnings after the market closes on Wednesday.
On the other hand, Ford, the automotive conglomerate, saw an 8.4 percent decline after lowering its full-year forecast. The adjusted EBIT forecast was revised to around $10 billion, down from the previous range of $10-12 billion, with expectations at $10.7 billion. Higher warranty costs than expected were the main reason for the lowered forecast, now at the bottom of the previously stated range.
Among today’s reporting companies, Pfizer dropped by 1.4 percent. The pharmaceutical company reported higher earnings per share and revenues than expected for the third quarter. Additionally, Pfizer raised its adjusted earnings per share forecast for 2024 to the range of $2.75-$2.95, up from the previous forecast of $2.45-$2.65.
Fintech company Paypal saw a slight decline of 4.0 percent after reporting sales slightly below expectations. However, the adjusted earnings per share were higher than anticipated.
Homebuilder DR Horton fell by 7.2 percent after a weaker-than-expected report. The company cited volatile interest rates as causing some homebuyers to remain cautious in the short term.
VF Corp, the owner of outdoor brand The North Face, surged 27 percent following a report that exceeded analysts’ expectations.
Airline company Spirit dropped by 9.4 percent after competitor Jetblue denied rumors of resuming acquisition talks.