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, …
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