Wednesday, October 27, 2021 – U.S. stocks are higher in early trading Wednesday as Wall Street digests another wave of corporate earnings reports. The Dow is adding 50 points to a fresh all-time high, on track for a fourth straight daily advance. The S&P 500 is rising 0.1% to its own record level, while the Nasdaq Composite is climbing 0.2%.

In earnings Tech titan Microsoft is jumping 3.1% after posting strong results that included the fastest pace of revenue growth since 2018 (+22% year-over-year). Chipmaker Texas Instruments is slumping 6.2% on disappointing revenue. Meanwhile, Google parent Alphabet is up 2.4% after exceeding Wall Street profit and revenue expectations. Twitter is losing 8.6% on downbeat guidance. Elsewhere, McDonald’s is adding 2.5%, benefitting from easing pandemic-related restrictions and strength in its international segment. Coca-Cola is rising 2.7% following upbeat results that included a boost to its outlook. Enphase Energy is surging 22.4% on record revenue and a subsequent Wall Street analyst target price increase. Breadth is negative on issues by 3:2 on the NYSE and 7:4 on the Nasdaq.

On the data front, preliminary September readings showed durable goods orders dipped 0.4%, while capital goods orders advanced for a seventh consecutive month, up 0.8%. Separately, wholesale inventories rose 1.1% last month. Rounding out the docket, the advance goods trade deficit is expected to have widened to $96.3 billion in September. Treasuries are mixed, with the yield on the 10-year note down three basis points to 1.58%. In commodities, WTI crude is shedding 0.6% to $84.12/barrel after a larger-than-projected weekly inventory build.

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