Wall Street Mixed, Semiconductors Tumble As AMD Disappoints, Alphabet Rallies, SMCI Plummets: What's Driving Markets Wednesday?

Wall Street experienced a mixed trading session on Wednesday as investors weigh a batch of corporate earnings and fresh economic data.

The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to advance estimates. This marks a slight deceleration from the previous quarter's 3% pace and falls short of analyst expectations of 3%.

On the employment front, the ADP National Employment report showed private payrolls surged by 233,000 in October —well above the 115,000 forecast and a significant increase from the revised 159,000 in September. This stronger-than-expected job growth underscores the resilience of the labor market ahead of Friday’s official jobs report.

In corporate news, Advanced Micro Devices Inc. (NASDAQ:AMD) dropped 10% after posting quarterly results that met expectations but failed to excite investors. The decline in AMD shares dragged down the broader semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:SOXX) sliding over 3%.

In contrast, Alphabet Inc. jumped more than 5% following a robust earnings report that beat Wall Street expectations, boosting optimism around mega-cap tech stocks.

At midday, major U.S. indexes were trading mixed. The S&P 500 and the tech-heavy Nasdaq 100 remained flat, while the small-cap Russell 2000 outperformed with a 0.5% gain.

Gold prices extended all-time highs, up 0.5% to $2,787 per ounce. Oil prices surged 2%, fueled by supply concerns.

Bitcoin (CRYPTO: BTC) eased 0.8% to $72,100, pulling back from recent highs.

Wednesday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %
Russell 2000	2,246.40	0.4%
Dow Jones	42,309.80	0.2%
S&P 500	5,838.86	0.1 %
Nasdaq 100	20,505.98	-0.1%

According to Benzinga Pro data:

The SPDR S&P 500 ETF Trust (NYSE:SPY) inched 0.1% higher to $582.16.
The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.2% to $423.25.
The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.2% to $499.18.
The iShares Russell 2000 ETF (NYSE:IWM) rose 0.5% to $222.76.
The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, up by 1.3%. The Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 0.9%.

Wednesday’s Stock Movers

Super Micro Computer Inc. (NASDAQ:SMCI) tumbled 33% after auditors Ernst & Young announced their resignation amid reporting issues, five days ahead of the company’s earnings report.

Large-cap stocks reacting to earnings were:

Eli Lilly and Company (NYSE:LLY), down 8%,
Visa Inc. (NYSE:V), up 3.6%,
AbbVie Inc. (NYSE:ABBV) up over 5%,
Caterpillar Inc. (NYSE:CAT), down 1.4%,
Chubb Ltd. (NYSE:CB), down 1%,
Mondelez International Inc. (NASDAQ:MDLZ), up 1%,
Chipotle Mexican Grill Inc. (NYSE:CMG), down over 7%,
Snap Inc. (NYSE:SNAP), up 15%,
Reddit Inc. (NYSE:RDDT), up 38%,
Automatic Data Processing Inc. (NASDAQ:ADP), up 1%,
Garmin Ltd. (NYSE:GRMN), up 24%.

Major companies reporting earnings after the close Wednesday include Microsoft Corp. (NYSE:MSFT), Meta Platforms Inc. (NASDAQ:META), Amgen Inc. (NASDAQ:AMGN), and Booking Holdings Inc. (NASDAQ:BKNG).

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