Stocks slipped on Wednesday as investors digested a deluge of earnings reports and looked toward more results from megacap technology companies.

The S&P 500 slid 0.33% to 5,813.67. The Dow Jones Industrial Average lost 91.51 points, or 0.22%, to close at 42,141.54. The tech-heavy Nasdaq Composite declined 0.56% after earlier rising to a fresh record high. It closed at 18,607.93.

Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts' expectations as the company saw strong quarterly revenue growth from its cloud business. Shares jumped almost 3%.

Elsewhere, earnings results were less upbeat. Shares of chipmaker AMD slid more than 10% as its fourth-quarter revenue guidance failed to impress investors. The broader semiconductor sector fell as shares of Super Micro Computer plunged nearly 33% after the departure of the company's auditor raised concerns about its financial statements.

Tech titans Meta Platforms and Microsoft are set to report on Wednesday, while Apple and Amazon are due Thursday.

"It looks as if technology results are still providing the encouragement to investors who are overweight on the space," said CFRA Research chief investment strategist Sam Stovall.

On the economic front, the latest numbers pointed to a mixed backdrop.

The U.S. economy grew at a slower-than-expected rate in the third quarter, according to gross domestic product figures. GDP rose at an annualized rate of 2.8%, while economists surveyed by Dow Jones had been looking for an increase of 3.1%.

However, payrolls data on Wednesday pointed to a stronger-than-expected labor market. According to the latest ADP report for October, private-job creation jumped to its highest level in more than a year.

The major averages have risen to new record highs in recent weeks, but heightened uncertainty ahead of the U.S. presidential election on Nov. 5. could stall the market's gains. Matt Stucky, chief portfolio manager at Northwestern Mutual, thinks the market's reaction will be more muted compared to 2016.

"Things are uncertain, but I don't think that this is a repeat of the volatility that we saw in 2016," Stucky said. "In contrast, today we're seeing results lean in a certain way but there's still a very high likelihood that either candidate could win. With that being the case, you don't have positioning completely offsides heading into election night."

Stocks close lower Wednesday

The major averages ended Wednesday's trading session in the red.

The Dow Jones Industrial Average slipped 91.51 points, or 0.22%.

The S&P 500 and Nasdaq Composite declined 0.33% and 0.56%, respectively.

— Hakyung Kim

BofA base case: Fed is on track to cut rates by 25 basis points

Bank of America thinks the Federal Reserve remains on track for a 25 basis point cut at its meeting next week.

"The October jobs report will be noisy," analyst Shruti Mishra said in a Wednesday note. "Even if there is an upside surprise, we do not think the Fed will have enough conviction keep rates unchanged, especially with the policy rate still close to 5%."

Mishra expects nonfarm payrolls to rise by 100,000 in October after coming in at 254,000 the previous month, viewing that forecast a "solid print."

About 96.7% of traders are forecasting a 25 basis point cut, per the CME Group FedWatch Tool.

— Pia Singh

Super Micro Computer heads for worst day since 2018

Super Micro Computer sank 32% on Wednesday, putting shares on pace for their worst day in more than six years and the second-worst day on record.

The decline came after the company disclosed in regulatory filings that Ernst & Young had resigned as its auditor, and said it was "unwilling to be associated with the financial statements prepared by management" due to concerns surrounding Super Micro's accounting practice and the independence of its board.

Its worst day on record was Oct. 4, 2018, when shares plummeted 41%. Shares have added more than 17% this year, but are down 72% from their March closing high.

— Samantha Subin

S&P 500 could pull back, Janney warns

The S&P 500 could be due for a notable retreat in the not-so-distant future, according to financial advisory firm Janney Montgomery Scott.

Dan Wantrobski, associate director of research, said the broad index is "vulnerable to a bigger correction." It could happen into year-end, he said, but is more likely to occur in the first quarter of 2025.

"We remain concerned regarding stubborn overbought/extended conditions on the longer-term charts," Wantrobski wrote to clients on Wednesday.

Still, he said recent bullish patterns bolster a price target of 6,200 for S&P 500. That reflects upside of more than 6% over Tuesday's close.

— Alex Harring

Outsized bets on Trump to win the election are a 'trap,' says Freedom Capital Markets strategist

While betting has largely skewed toward former President Donald Trump winning the election next week, polling is likely more accurate, according to Freedom Capital Markets chief global strategist Jay Woods.

"Betting on Trump — Too many people are falling into this trap," Woods said. "They're quoting betting sites and what the betting odds are on Trump winning but the polls are spot on. It is a dead heat right now."

"The Jets were favored to win too, and they lost. It's just where the money is going," Woods added.

— Brian Evans

Garmin on pace for record close after earnings

Garmin gained nearly 24% in afternoon trading after the company's third-quarter results topped Wall Street's expectations. That puts the stock, which hit a fresh intraday all-time high of $207.11, on track for a record close.

As it stands, Garmin's all-time-high closing price sits at $183.29, which was set on Aug. 30 after shares gained more than 1%. This year, shares have jumped more than 60%.

— Sean Conlon

S&P 500 to move 2% on election, according to options

Options traders are buckling down for outsized volatility around next week's election, according to Goldman Sachs.

John Marshall of the bank's derivatives research team said in a note to clients that options market pricing is pointing to a big move for the S&P 500 next week, and even bigger moves for certain groups of stocks that could be more reactive to the outcome of the election.

"SPX options imply a +/- 2.1% move on election day," the note said.

CNBC Pro subscribers can read the full story here.

— Hakyung Kim, Jesse Pound

Reddit, Super Micro Computer among the names making moves midday

Here are some stocks making big moves in midday trading:

• Reddit — Shares soared 41% after the social media company reported a blockbuster third-quarter report. Reddit reported earnings of 16 cents per share, while analysts surveyed by LSEG had expected a loss of 7 cents. The company's $348.4 million revenue also exceeded consensus estimates of $312.8 million. Reddit guided fourth-quarter revenue and adjusted earnings that beat the average analyst estimate.
• Super Micro Computer — The artificial intelligence server stock shed 30% after revealing in a regulatory filing that its auditor EY resigned after raising concerns about the board's independence and accounting practices.
• Garmin — Shares rose more than 23%, hitting a new 52-week high, following the company's better-than-expected third-quarter results. For the period, Garmin posted pro forma earnings of $1.99 per share on $1.59 billion in revenue. That is above the $1.45 per share on $1.44 billion in revenue that analysts polled by FactSet were expecting. The company also raised its full-year forecast.

Read the full list here.

— Sean Conlon

Yen gains against the dollar

The Japanese yen rose 0.2% against the dollar on Wednesday as the greenback broadly weakened against major currencies.

The dollar was last trading at 153.03 yen. Month to date, the greenback has managed to strengthen 6.5% against the yen and remains 8.5% higher for the year.

— Hakyung Kim

Russell 2000 outperforms

The benchmark small-cap index Russell 2000 advanced 0.6% Wednesday, outperforming the S&P 500's 0.2% rise.

Week to date, the Russell is up 1.9%. Meanwhile, the S&P 500 and Dow Jones Industrial Average are only up 0.6% each.

— Hakyung Kim

Visa leads the Dow higher

Shares of Visa popped 3.9% on Wednesday, leading the Dow Jones Industrial Average higher.

Boeing and Amazon also rose 1.8% and 1.7%, respectively, also outperforming the 30-stock index.

Meanwhile, Caterpillar, Intel and Apple were among the shares negative on the day and lagging behind the index.

— Hakyung Kim

Communication services sector outperforms

Shares of Alphabet led the communication services sector higher on Wednesday. Alphabet jumped around 6%, while the broader sector gained 2.8%.

Financials also outperformed the broader market, rising 1%.

The only two sectors negative on the day were information technology and health care, which fell 0.7% and 0.2%, respectively.

— Hakyung Kim

17 stocks in the S&P 500 trade at new 52-week highs

Seventeen stocks in the S&P 500 traded at their 52-week highs Wednesday morning.

Of these stocks, 11 traded at new all-time highs. Here were the names that hit this milestone:

• News Corp B trading at all-time highs back to the share creation in June 2013
• Garmin trading at all-time highs back to its initial public offering in December 2000
• Nasdaq Inc. trading at all-time-high levels back to April 2003
• Raymond James Financial trading at all-time-high levels back to its IPO in July 1983
• Synchrony Financial trading at all-time highs back to its IPO in July 2014
• Visa trading at all-time-high levels since its IPO in March 2008
• Wells Fargo trading at all-time-high levels back through our history to 1968
• GE Vernova trading at all-time highs back to its spinoff from GE in April 2024
• Leidos Holdings trading at all-time-high levels back to the SAIC IPO in October 2006
• Snap-On trading at all-time-high levels back through our history to 1972
• Welltower trading at all-time-high levels back to its incorporation as Health Care REIT in 1985

On the other hand, just three stocks were trading at their 52-week lows: Hershey, Biogen and Qorvo.

— Lisa Kailai Han

Construction materials could be poised for breakout, Wolfe Research says

The bulk of the attention in the materials sector has been on mining companies, but the construction materials group is starting to stand out, according to Rob Ginsberg, technical analyst at Wolfe Research.

In fact, Ginsberg expects construction materials is set up for a near-term breakout. The technical analyst is especially optimistic on a name like Vulcan Materials Company, which he expects could retest its highs in the coming weeks. The stock was up about 2% in the premarket.

"The group has carved out an enticing short-term base," Ginsberg wrote Wednesday. "We think a breakout to new highs is imminent."

— Sarah Min

Advancers lead decliners at NYSE in early trading

More stocks rose than declined at the New York Stock Exchange despite lackluster moves on the market indexes. About 1,700 NYSE-listed names were higher, while 761 pulled back, per FactSet.

— Fred Imbert

Baird upgrades Boot Barn to outperform following 20% Tuesday pullback

It's time to opportunistically buy shares of Boot Barn, according to Baird Equity Research.

The firm upgraded shares of the Western apparel retailer to an outperform rating from neutral. However, analyst Jonathan Komp maintained his $167 price target, which is approximately 29% higher than where shares closed Tuesday.

Boot Barn stock has soared approximately 69% this year.

As a catalyst, Komp cited Boot Barn's 20% Tuesday decline, which he attributed partially toward the surprise news that CEO Jim Conroy plans to leave for Ross Stores in November. However, Komp believes near-term disruption risk will be reduced by the executive teams' leadership experience and by interim CEO John Hazen, who could be a solid permanent candidate for the role.

Meanwhile, Boot Barn remains on track to sustain 15% annual unit growth for the third consecutive year, Komp wrote.

"We remain confident in BOOT's ability to deliver attractive relative earnings growth supported by compelling unit expansion opportunity. Valuation is back below the peer median, and we see a 12+ month bull-case approaching +50% upside with ~10-15% further downside justifying our move," the analyst added.

— Lisa Kailai Han

Stocks open flat Wednesday

U.S. stocks began Wednesday's trading session little changed.

The Dow Jones Industrial Average slipped 77 points, or 0.2%. The S&P 500 fell 0.05%. Meanwhile, the Nasdaq Composite added 0.2%.

— Hakyung Kim

Super Micro Computer sheds 33% after disclosing EY resignation

Super Micro Computer plummeted 33% in premarket trading after disclosing in a regulatory filing that Ernst & Young resigned as its accounting firm.

EY raised concerns about the artificial intelligence server company's "commitment to integrity and ethical values" during an accounting review, according to the filing.

Super Micro was added to the S&P 500 in March.

— Samantha Subin

Advanced Micro Devices' latest earnings leave Wall Street analysts unchanged on their outlooks

Advanced Micro Devices' latest quarterly earnings did not seem to sway analysts much in either direction.

The semiconductor company reported a third-quarter sales beat, with its $6.82 billion in revenue exceeding analysts' expectations of $6.71 billion, according to LSEG. Advanced Micro's adjusted earnings of 92 cents per share was in line with consensus estimates.

However, shares of Advanced Micro were last trading around 8% lower in Wednesday's premarket hours after the firm guided for an in-line fourth-quarter outlook. The stock has risen roughly 13% this year.

Following the company's earnings report, analysts from Bank of America, Barclays, Goldman Sachs and Citi stood by their overweight or buy-equivalent ratings on the name. Citi analyst Christopher Danely has the highest price target of the cohort at $200, reduced from $210. This updated forecast implies shares of Advanced Micro could climb 26% from here.

The analysts cited Advanced Micro's artificial intelligence potential as a catalyst.

"We maintain our Buy rating on AMD as we foresee share gains in traditional compute and the company's participation in AI compute driving revenue growth, margin expansion and earnings accretion over the medium- to long-run in excess of the industry average," wrote Goldman Sachs analyst Toshiya Hari.

On the other hand, JPMorgan analyst Harlan Sur and Morgan Stanley analyst Joseph Moore reiterated their equal weight or neutral-equivalent ratings on the name. The analysts respectively have price targets of $180 and $169, which correspond to potential upsides of 8% and 2%.

"AMD numbers were essentially in line with consensus and our preview, and we were somewhat surprised at the selloff after hours. That said, we still see 2024-25 as investment years for the AI opportunity, and think some revenue/earnings expectations are still too high," Moore wrote.

— Lisa Kailai Han

Schwab is expanding 24-hour trading offerings

Brokerage firm Charles Schwab announced Wednesday that it is expanding its overnight trading program, adding hundreds of stocks to its offerings.

Schwab clients had previously been able to trade roughly two dozen exchange-traded funds 24 hours a day, five days a week. The company is now rolling out the ability to trade the stocks in the S&P 500 and Nasdaq 100, as well as additional ETFs. All stocks in those indexes are expected to be available when the expansion is completed during the first quarter of next year.

Schwab is not alone in expanding the trading day, with Interactive Brokers and Robinhood among the firms offering similar programs. The New York Stock Exchange is also looking at stretching the trading on its electronic Arca platform to 16 hours to 22 hours during weekdays.

— Jesse Pound

U.S. GDP grows at slower-than-expected pace

The U.S. economy expanded at an annualized pace of 2.8% during the third quarter. That is slower than the expected 3.1% increase from economists polled by Dow Jones.

— Fred Imbert

Private payrolls increase by 233,000 in October, ADP says

Private job creation soared by 233,000 in October despite storm disruptions in the Southeast and labor strikes. That is well above the Dow Jones consensus estimate of 113,000. The September figure was also upwardly revised to 159,000.

— Fred Imbert

See the stocks moving before the bell

These are some of the stocks making notable premarket moves:

• Eli Lilly — The drug maker tumbled 7.5% after missing analysts' expectations for the third quarter and cutting full-year guidance.
• Caterpillar — Shares fell more than 5% on weaker-than-expected earnings for the third quarter.
• XPO — The logistics company popped 3.9% after topping Wall Street's forecast for the third quarter.

Click here for more.

— Alex Harring

Eli Lilly shares tumble after earnings miss, guidance cut

Shares of Eli Lilly dropped more than 7% after the drugmaker reported third-quarter results that missed the mark.

The company earned an adjusted $1.18 per share on revenue of $11.44 billion. Analysts polled by LSEG expected a profit of $1.47 per share on revenue of $12.11 billion. Eli Lilly also cut its full-year earnings guidance.

— Fred Imbert

Caterpillar shares fall after earnings miss

Caterpillar shares fell more than 5% in the premarket after the industrial giant reported weaker-than-expected earnings for the third quarter.

The company posted a profit of $5.17 per share, while analysts polled by LSEG had forecast earnings of $5.34 per share. Revenue also fell 4% year over year to $16.11 billion.

Construction revenue fell 9% to $6.345 billion. "The decrease was primarily due to lower sales volume of $458 million and unfavorable price realization of $147 million. The decrease in sales volume was mainly driven by lower sales of equipment," Caterpillar said.

— Fred Imbert

Raymond James downgrades Qorvo to market perform

There is a bad time ahead for Qorvo, according to Raymond James.

The firm downgraded shares of the semiconductor solutions provider to market perform from outperform. Analyst Srini Pajjuri accompanied the rating change by removing his target price for the stock.

Pajjuri pointed to weak forward guidance as a reason for the downgrade.

"The company's Dec-24Q outlook fell well short of our and consensus estimates which the management attributed to 1) unfavorable mix in premium phones, which is impacting the company's RF content and 2) mix shift away from mid-tier to entry-tier in Android, where the company has limited to no presence," the analyst wrote.

He added that mounting China competition and price pressures may also be exacerbating Qorvo's woes. The company plans to reduce its expenses while scaling back from the mainstream Android market.

"While we remain optimistic about QRVO's content opportunity in premium phones longer term, we expect mix headwinds to persist for the next few quarters and do not see many immediate catalysts for the stock despite reasonable valuation," Pajjuri said.

Shares of Qorvo have slipped nearly 11% in 2024.

— Lisa Kailai Han

Chipotle drops after revenue miss

Chipotle shares were down about 6% after the fast-casual chain reported weaker-than-expected revenue for the third quarter and disappointing same-store sales figures.

The company's top line came in at $2.79 billion. Analysts polled by LSEG expected revenue of $2.82 billion. Same-store sales, a key metric for restaurants, increased 6%, while analysts polled by StreetAccount expected growth of 6.3%.

— Fred Imbert

Asia-Pacific markets mostly fall; Australia inflation hits lowest since 2021

Asia-Pacific markets mostly fell Wednesday as traders assessed consumer price data out of Australia.

Hong Kong's Hang Seng index was down 1.65% at 20,358 as of its final hour of trading, while mainland China's CSI 300 closed 0.90% lower at 3,889.45.

Japan's Nikkei 225 rose 0.96% to end the day at 39,277.39. Meanwhile, the Topix advanced 0.81% to close at 2,703.72.

South Korea's Kospi fell 0.92% to 2,593.79, while the small-cap Kosdaq dropped 0.80% to 738.19.

Australia's headline inflation for the September quarter rose 2.8% year on year, its lowest rate since the first quarter of 2021. The S&P/ASX 200 ended the day down 0.83% at 8,180.4.

— Dylan Butts

Europe markets open lower

European stocks were lower on Wednesday as investors reacted to a slew of corporate earnings.

The pan-European Stoxx 600 traded down around 0.45% shortly after the opening bell, with most sectors in negative territory.

— Sam Meredith

Chewy shares slide after Keith Gill announces sale

Chewy shares slipped nearly 2% in extended trading on Tuesday after Keith Gill — the man known online as meme stock leader "Roaring Kitty" — dissolved his passive stake in the pet-focused e-commerce retailer.

Gill said in a regulatory filling that he zeroed out his position. The trader, who is credited with helping drive 2021's iconic short squeeze, had a 6.6% holding in the company as of a July 1 filing.

Meme stock enthusiasts have followed Gill's moves since his return to the internet earlier this year. Before his reappearance, Gill had not been seen online for about three years.

Chewy shares have climbed about 13% in 2024, putting the stock on track for its first positive year since 2020.

— Alex Harring

Alphabet, Chipotle, Visa among stocks making biggest moves after close

Check out the companies making headlines in after-hours trading:

• Chipotle Mexican Grill — The burrito chain reported mixed quarterly results and shares dipped 3%. Chipotle reported adjusted earnings of 27 cents per share, exceeding expectations of 25 cents a share from analysts polled by LSEG. Revenue came out at $2.79 billion for the period, just shy of analysts' forecast of $2.82 billion. The company's same-store sales rose 6% for the quarterly period, also falling short of estimates.
• Alphabet — Shares of the Google parent added 4% after the company exceeded Wall Street's top- and bottom-line estimates. Alphabet posted earnings of $2.12 per share on revenue of $88.27 billion, while analysts polled by LSEG expected earnings of $1.85 per share on $86.30 billion in revenue. The megacap tech titan saw its revenue grow 15% year over year, stronger than the same quarter last year, as Google Cloud revenue beat expectations.
• Visa — The global payments company beat earnings and revenue expectations for the fiscal fourth quarter, driving shares up about 1.5%. Visa posted adjusted earnings of $2.71 per share on revenue of $9.62 billion. Analysts polled by LSEG expected earnings of $2.58 per share on revenue of $9.49 billion. The company also increased its quarterly dividend by 13% to 59 cents.

For the full list, read here.

— Pia Singh

Stock futures open higher

U.S. stock futures rose shortly after 6 p.m. ET on Tuesday.

Futures tied to the Dow Jones Industrial Average gained 51 points, or 0.1%. S&P 500 futures added nearly 0.2% and Nasdaq 100 futures advanced 0.1%.

— Pia Singh