Exxon Mobil and Chevron each exceeded third-quarter profit forecasts as stronger refining margins and firmer crude prices boosted results, adding to a broader earnings season running well above its historical pace.
Amazon's stock sank more than 9% in after-hours dealing on October 29 following third-quarter results that trailed Wall Street forecasts, even as its cloud arm AWS posted its strongest expansion in almost five years.
Alphabet's net profit dropped 25% year-on-year to $26.2 billion in the third quarter, missing analyst estimates, after an $8.7 billion hit on equity investments including its SpaceX stake offset strong cloud growth.
The Dow Jones Industrial Average shed 747.49 points (1.41%) to close at 52,332.44, as renewed unease over AI spending and news of a potential SpaceX wireless venture pressured technology and telecom shares.
The Nasdaq Composite slid 2.58% to close at 26,008.86 and the S&P 500 shed 1.19% to end at 7,664.77 after corporate earnings reports reignited unease over heavy AI infrastructure outlays, while the Dow Jones Industrial Average inched higher, adding 0.03% to finish at 52,873.60.
Tesla's third-quarter adjusted profit of $0.48 a share beat the $0.44 consensus, helped by a wider gross margin and surprise positive free cash flow, even as total revenue of about $28.05 billion slipped just under the roughly $28.13 billion expected.
Meta Platforms reported third-quarter earnings of $3.83 per share and revenue near $64.6 billion, both ahead of forecasts, while a $9.9 billion legal charge pulled operating profit far below expectations.