Stock market today: Wall Street churns as profit reports come in mixed

NEW YORK — A mixed set of profit reports from giants like Google’s parent company and Eli Lilly has stock indexes churning in place on Wall Street. The S&P 500 was down 0.1% in early trading Wednesday, still near its all-time high set earlier this month. The Dow Jones Industrial Average was down 79 points, or 0.2%, and the Nasdaq composite added 0.2% to the record it set a day earlier.

Wednesday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — slowed slightly from its 3% growth rate in the April-June quarter. But the latest figures still reflect surprising durability just as Americans assess the state of the economy in the final stretch of the presidential race.

Another chipmaker, Advance Micro Devices, fell more than 8% after issuing a mixed earnings report and a disappointing forecast. Reddit, whose investors include OpenAI CEO Sam Altman, went public in March at $34 a share. Its shares were close to $100 each before markets opened Wednesday. Hong Kong’s Hang Seng was down 1.6% at 20,380.64 and the Shanghai Composite index dropped 0.6% to 3,266.24. In Tokyo, the Nikkei 225 index closed up 1.0% at 39,277.39, as the Bank of Japan began a two-day policy meeting on Wednesday.

Chinese EV companies' stocks dropped in response. Nio's Hong Kong-listed stock fell 6.6%, Geely was down 3.0% and BYD shed 0.7%.

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