Stock market today: Wall Street indexes edge lower as Alphabet jumps and Eli Lilly slumps

NEW YORK — U.S. stock indexes gave up an early gain and ended slightly lower following a mixed set of profit reports from giants like Google’s parent company and Eli Lilly. The S&P 500 slipped 0.3% Wednesday. The Dow Jones Industrial Average fell 0.2%, and the Nasdaq composite fell 0.6% from its record set the day before. Alphabet rallied after becoming the latest “Magnificent Seven” stock to deliver strong profit.

Meta Platforms and Microsoft will become Nos. 3 and 4 among the Magnificent Seven to report their results for the summer after trading ends for the day. Meta added 0.1%, while Microsoft rose 0.6%. One of the few stocks to hurt the index more was Eli Lilly, which tumbled 7.7% amid concerns about two of the drug maker’s blockbuster products: diabetes treatment Mounjaro and weight loss counterpart Zepbound.

Among the biggest movers on Wall Street, Reddit soared 42.1% after the company surprised investors and analysts and reported a profit. Recent hurricanes that struck the United States could lead to rebuilding that causes stronger growth in the fourth quarter but “the signal through the noise will likely be one of an economy that is still slowing, not reaccelerating,” according to Brian Jacobsen, chief economist at Annex Wealth Management.

A string of stronger-than-expected reports on the economy has raised such hopes, but it’s also forced investors to ratchet back expectations for how deeply the Fed will ultimately cut rates.

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