US stock indexes gave up an early gain on Wednesday and ended slightly lower following a mixed set of profit reports from giants like Google's parent company and Eli Lilly.
- The S&P 500 fell 19.25 points, or 0.3%, to 5,813.67.
- The Dow Jones Industrial Average fell 91.51 points, or 0.2%, to 42,141.54.
- The Nasdaq composite fell 104.82 points, or 0.6%, to 18,607.93 from its record set the day before
Alphabet rallied after becoming the latest "Magnificent Seven" stock to deliver strong profit. The company rose 2.8% after beating analysts' forecasts for profit in the latest quarter, thanks largely to the performance of its Google business, the
AP reports.
Meta Platforms and Microsoft will become Nos. 3 and 4 among the Magnificent Seven to report their results for the summer after trading ends for the day. Computer chip companies have been some of the biggest winners of the AI rush, but Advanced Micro Devices helped drag down stocks across the industry after reporting profit for the latest quarter that only matched analysts' expectations. It also gave a forecasted range for revenue for the end of 2024 whose midpoint was a bit below what analysts were estimating. AMD's stock sank 10.6%. Nvidia fell 1.4% and was one of the heaviest weights on the S&P 500.
One of the few stocks to hurt the index more was Eli Lilly, which tumbled 6.3% amid concerns about two of the drug maker's blockbuster products: diabetes treatment Mounjaro and weight loss counterpart Zepbound. Trump Media and Technology Group, the company behind former Donald Trump's Truth Social platform, dropped 22.3% for its worst loss since it began rocketing higher in late September. Reddit soared 42% after the company surprised investors and analysts and reported a profit. Super Micro Computer lost nearly a third of its value, 32.7%, after Ernst & Young resigned as its registered public accounting firm. (More stock market stories.)
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