Stock market today: Dow leads as stocks take a leg higher amid earnings rush, GDP, and jobs data

US stocks were mixed on Wednesday, with the Nasdaq looking to build on its latest record as Alphabet's (GOOG, GOOGL) strong earnings boosted optimism for Big Tech results. Meanwhile, crucial GDP and labor market data continued to add data pieces to the Federal Reserve's puzzle ahead of its next interest rate decision.
The Dow Jones Industrial Average (^DJI) rose about 0.3%, or more than 100 points, while the S&P 500 (^GSPC) popped nearly 0.2%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) also added about 0.2%.
Fresh government data on Wednesday showed that US economic growth slowed slightly last quarter to a 2.8% annualized rate. That was slightly lower than economists had forecast. The data revealed, however, that consumers have kept spending at a robust pace as inflation continues to fall.
Also, data from ADP found US private payroll growth surged in October, adding a curveball to the mix ahead of the all-important monthly jobs report set for release on Friday.
At the same time, megacaps are in the spotlight after Alphabet's quarterly results showed its high-spending push into artificial intelligence is starting to pay off. Shares of the Google parent jumped over 6%, alongside smaller gains for Amazon (AMZN), Meta (META), and Microsoft (MSFT).
The wait is on for after-hours earnings from Meta and Microsoft, next up in the five-strong parade of "Magnificent Seven" reports this week. For the stock rally, a lot is riding on how Big Tech earnings fare - which will be paramount even amid a packed two weeks of data and other market-moving news, according to analysts.
#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
Read more: finance.yahoo....