Stocks finished mixed on Thursday, as investors digested an influx of corporate profit tallies on the single busiest day of earnings season. The Dow fell 28 points, while the S&P 500 added 0.2%. The Nasdaq Composite rose 0.8%.
Technology shares outperformed with Microsoft gaining 1.9% after its profit and revenue figures exceeded consensus forecasts. Shares of Lam Research also helped buoy the sector, jumping 13.6%, after the chipmaker topped Wall Street earnings and revenue projections. 3M weighed on the Dow, losing 3.7% after the company missed analyst estimates and cut its full-year profit forecast. Ford slid 6.1% following a lackluster quarterly report that included a reduction in its full-year outlook. Tesla rallied 17.8% after delivering a surprise profit during the third quarter. Twitter slumped 21.1% following its soft current-quarter revenue guidance.
Economic data reports were also in focus, with durable goods orders falling 1.1% in September, the worst since May. Updates from research firm IHS Markit revealed manufacturing and services PMI figures improved in October, hovering in expansionary territory. Treasuries were little changed, with the yield on the 10-year note holding steady at 1.76%.
Investors also kept tabs on U.S.-China trade relations, with White House trade advisor Peter Navarro commenting that a phase one deal will include intellectual property guidelines and enforcement mechanisms. Earlier, a report revealed China would buy $20 billion of U.S. agricultural products in a year if the two sides sign a partial trade pact. In commodities, WTI crude added 0.4% to $56.20/barrel. COMEX Gold rose 0.6% to $1,498.90/ounce despite a stronger dollar.