Stock market today: Indexes dip ahead of mega-cap tech earnings

• US stocks were down Wednesday morning before the week's high-profile earnings kicked off.
• Snap, Advanced Micro Devices, and Alphabet report third-quarter results after the bell.
• Meta and Microsoft, meanwhile, are scheduled to report on Wednesday. Q3 GDP data will also be published Wednesday.

US stocks dipped on Tuesday as traders waited for a slew of corporate earnings reports and economic data releases.

Major indexes edged lower and bond yields rose. The 10-year Treasury yield was up four basis points to 4.326%.

Earnings season on Wall Street continues to gain steam, with Snap, Advanced Micro Devices, and Google parent Alphabet among the major tech firms set to report earnings after the bell.

The earnings deluge continues on Wednesday with Meta and Microsoft after the closing bell. Apple and Amazon will report on Thursday.

Third-quarter earnings have been strong so far. Of the 37% of S&P 500 companies that have released financials, 75% have beat earnings estimates, on par with the 10-year average, according to a FactSet analysis.

This week's economic data, meanwhile, has the potential to reset the market's expectations for Fed rate cuts. Investors will digest GDP data for the third quarter on Wednesday, with estimates of 3.2% growth in the July through September period.

On Friday, the October jobs report will be published. Economists expect 110,000 jobs were added last month, well below September's reading of 254,000.

The Federal Reserve's November policy meeting will kick off a day after the presidential election. According to the CME Fedwatch tool, traders see a 96% chance central bankers will cut rates another 25 basis points, though recent hot data has also suggested the Fed may pause rate cuts at an upcoming meeting.

"As we enter 2025, the case for skipping or pausing is likely to build. The Fed will be closer to estimates of neutral, a repeat of residual seasonality could lift inflation early next year, and the election outcome could add to hawkish risks for the Fed," Deutsche Bank analysts said in a note on Wednesday.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 5,802.94, down 0.35%
• Dow Jones Industrial Average: 42,184.05, down 0.48% (-203.52 points)
• Nasdaq composite: 18,523.71, down 0.23%

Here's what else is going on:

• Here's how a Trump or Harris presidency could impact your investments.
• The election-betting market has exploded this presidential cycle.
• Trump Media and Technology stock embarked on a meme-like rally after Trump's Madison Square Garden event. The stock was halted for volatility on Tuesday morning.
• The Fed could pause rates at its next meeting, if the October jobs report comes in strong, according to Wharton professor Jeremy Siegel.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil ticked higher 0.67% to $67.83 a barrel. Brent crude, the international benchmark, edged up 0.61% to $71.42 a barrel.
• Gold was higher by 0.47% to $2,754.48 an ounce.
• The 10-year Treasury yield climbed five basis points to 4.333%.
• Bitcoin rose 3.25% to $71,152.

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