US stocks close mixed as Nasdaq and S&P 500 snap 3-day win streaks on weak tech earnings

• US stocks completed mixed as the Nasdaq snapped a three-day win streak amid weak tech earnings.
• But the Dow Jones Industrial Average prolonged its rally to a fourth consecutive session.
• Tech stocks will see extra motion this week as Meta experiences late Wednesday and Apple is because of report after the close on Thursday.

US stocks completed mixed on Wednesday, as the Nasdaq and S&P 500 snapped three-day win streaks amid disappointing quarterly experiences from tech giants.

Google dad or mum Alphabet reported an unexpected slowdown in revenue, and Microsoft reported its lowest income development in 5 years whereas additionally warning on the sturdy US greenback’s impact on earnings. Chips stocks additionally slumped after Texas Instruments offered steering that missed analysts’ forecasts.

Meanwhile, the Dow Jones Industrial Average eked out a achieve to increase its rally to a fourth consecutive session, helped partially by sturdy earnings from Visa.

The tech sector might be in movement once more this week as Facebook dad or mum Meta experiences late Wednesday, whereas Apple, Amazon and Intel report after the close on Thursday.

Here’s the place US indexes stood on the 4:00 p.m. closing bell on Wednesday: 

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•  S&P 500: 3,830.68, down 0.74% 

• Dow Jones Industrial Average: 31,839.84, up 0.01% (3.10 factors)

• Nasdaq Composite: 10,970.99, down 2.04% 

Here’s what else is occurring right this moment:

• The 30-year fixed mortgage rate hit a 21-year high of 7.16% within the week ending October 21, Mortgage Bankers Association knowledge confirmed Wednesday.
• Russia likely won’t have enough vessels to move its oil after a value cap takes impact, due largely to elevated competitors for ice-class ships, S&P Global stated.
• The S&P 500 could fall another 25% as stocks have failed to cost within the worst-case financial downturn subsequent yr, Goldman Sachs stated.

In commodities, bonds and crypto:

• West Texas Intermediate crude rose 3.36% to $88.19 per barrel. Brent crude, the worldwide benchmark, climbed 2.62% to $95.97.  
• Gold edged up 0.66% to $1,669 per ounce. 
• The 10-year Treasury yield tumbled 9.5 foundation factors to 4.015%. 
• Bitcoin rallied 2.4% to $20,774.