Strength in technology and communication services buoyed the large-cap indexes, while weakness in every other sector dragged small-caps and the Dow 30 lower. Bitcoin was the biggest move of the day, with many looking to capitalize on the fresh breakout as “Mag 7” earnings and economic data add volatility to the mix. 👀

Today's issue covers the biggest tech earnings, Bitcoin’s breakout to new highs, and other noteworthy pops and drops. 📰

Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with technology (+1.35%) leading and utilities (-2.14%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $IMTE, $OI, $GLYC, $CAN, $ALTR 📉 $QRVO, $CYCN, $CECO, $DHI, $CROX*

*If you’re a business and want to access this data via our API, email us.

There were far too many noteworthy earnings to cover them all in detail, so we’re summarizing the biggest takeaways from today’s tech giants.

Social media giant Reddit soared 24% after the bell, hitting new all-time highs after delivering a ‘triple beat.’ CFO Andrew Vollero said the company is scaling profitably as investors brushed over slight weakness in daily active users (DAUs). “Logged-out” users are up 70% YoY vs. just 27% YoY growth for “logged-in” users. Stocktwits sentiment ticked up from ‘neutral’ to ‘bullish’ territory. 💻

Neobank SoFi Technologies reversed sharply during regular trading, closing down 6% on the day. It posted a fourth straight quarter of GAAP profitability and topped revenue estimates, with total deposits growing to $24.4 billion and total customers nearing 9.4 million. Despite the company expanding its lending capabilities via its loan platform business, bears say growth will remain constrained by capital. Stocktwits sentiment remained ‘extremely bullish.’ 🏦

Payments giant PayPal issued softer-than-expected guidance, calling for “low single-digit revenue growth” during the fourth quarter. It cited a “price-to-value strategy and prioritization of profitable growth” as the reasoning. Total payments volume rose 9%, but a higher contribution from lower-margin revenues weighed on profits. Shares fell 4%, but Stocktwits sentiment remains ‘extremely bullish.’ 💳

Snap shares jumped 10% after the social media company boasted revenue and user growth, bolstering the stock with a $500 million buyback program. Its two new ad formats could help grow demand from large advertisers. 🤳

Search giant Alphabet saw shares rise 6% after its earnings beat expectations. Revenue in its cloud division rose 35% YoY to $11.35 billion, and management touted the “virtuous cycle” the company’s “full stack” of AI products is creating at scale with Google’s billions of users. Stocktwits users remain ‘extremely bullish.’ 🔍

AMD shares fell 7% after the semiconductor giant’s earnings met expectations, with revenues slightly beat. Data center business revenues doubled for the second straight quarter, but overall revenue guidance only “met” expectations, disappointing some investors. Outside of its AI chip business, its gaming and embedded business weakness continues, while its client segment (including PC sales) rebounded 23% YoY. Stocktwits sentiment remains ‘extremely bullish.” 😐

Semiconductor solutions provider Qorvo crashed 15% after its guidance came in well below analyst estimates. Management expects fiscal 2025 revenue and gross margin to be down slightly YoY. Stocktwits sentiment remains ‘bullish.’ ✂

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Oracle: Shares popped 1% after announcing a brand-new electronic health record (EHR) with fresh cloud and artificial intelligence capabilities. It’s the most significant healthcare product update since acquiring medical records giant Cerner for $28 billion in 2022. 💻

Pfizer: Shares dipped 2% despite third-quarter revenue, and adjusted earnings surpassed expectations. The company raised its full-year outlook on sales strength in its COVID vaccine and antiviral pill Paxlovid. Still, the overhang from its activist battle with Starboard Value and unclear product pipeline weighed on shares. 😬

BP: Shares fell 5% to their lowest level since 2022 as lower oil prices and refining margins weighed on the company’s third-quarter profits. Although the company maintained its $0.08 per share quarterly dividend and buyback program, investors remained worried about rising debt levels from lower operating cash flow, higher capital expenditures, and lower divestment. 😨

Boeing: Shares rose 2% after the company raised $21 billion in capital to repair its balance sheet. It sold 112.5 million shares at $143 each, along with $5 billion of depositary shares representing a stake in mandatory convertible preferred stock. This is the biggest common share sale since the U.S. Treasury sold $20.7 billion of AIG shares in 2012 to unwind its bailout. Still, investors remain concerned about Boeing’s turnaround potential. 💵

McDonald’s: Shares slipped 1% despite its U.S. restaurants reversing last quarter‘s same-store sales decline amid the popularity of its $5 value meals. Investors fear the recent momentum may sputter following the recent E. coli outbreak across 13 states linked to McDonald’s Quarter Pounder burgers. Management said it isn’t expecting a material impact on its business, but investors remain unconvinced. 🍔

Trump Media & Technology: Shares rose 8% but had a volatile session…rising as much as 20% pre-market before falling 25% in opening trading. Other stocks related to the election, including Phunware and Rumble, also gave back recent gains. 😵‍💫

JetBlue: Shares crashed 17% after the low-cost airline forecasted declining revenue for the current quarter. It sees revenue falling 3% to 7% YoY as Hurricane Milton and the 2024 election weigh on demand, and the industry continues to battle excess domestic capacity. 🛬

Crocs: Shares plummeted 18% after reducing its full-year sales outlook, citing a slower-than-expected turnaround in its “Hey Dude” brand sales. While management is confident in the long-term potential, it’s taking time to build momentum. 🩴

Xerox: Shares tumbled 17% after the office equipment and services company’s earnings and revenue missed expectations by a wide margin, citing weak equipment revenue. Management’s “reinvention initiatives” are progressing, just not fast enough to please Wall Street. 🖨

D.R. Horton: Shares declined 7% after the homebuilder’s earnings and revenue missed expectations due to continued affordability challenges and competitive market conditions. Management says many homebuyers are waiting for mortgage rates to decline further in 2025 before pulling the trigger on purchases. 🏘

We’ve been discussing MicroStrategy’s breakout and how many viewed it as an early sign of a major breakout in Bitcoin ahead. Today, that breakout is here. 📈

Stocktwits user @DavyDaveCharts shared a chart of Bitcoin moving through several levels of resistance, with just its all-time high near 74,000 separating it from further price discovery.

Nonetheless, if this move sticks, many investors and traders expect the momentum to continue, with many targeting “catch-up” trades in miners and other crypto-linked stocks that haven’t made their moves yet. 🕵

For more charts & trade ideas like this, get today’s “Chart Art” newsletter. 🎯

Economic data: ADP Employment Change (8:15 am ET), GDP Growth Rate/PCE Advanced Q3 Estimate (8:30 am ET), Pending Home Sales (10:00 am ET), EIA Energy Inventories (10:30 am ET), Bank of Japan Rate Decision (11:00 pm ET). 📊

Pre-Market Earnings: Eli Lilly ($LLY), Summit Therapeutics ($SMMT), Caterpillar ($CAT), Shake Shack ($SHAK), WingStop ($WING), Daqo New Energy ($DQ). 🛏️

After-Hour Earnings: Meta Platforms ($META), Microsoft ($MSFT), Super Micro Computer ($SMCI), Coinbase ($COIN), Robinhood ($HOOD), MicroStrategy ($MSTR), Riot Platforms ($RIOT), Qualcomm ($QCOM), Airbnb ($ABNB), Carvana ($CVNA), DoorDash ($DASH), Starbucks ($SBUX), Teladoc ($TDOC). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

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🪙 Bitcoin rises 3% after topping $73,000 for the first time since March

👍 Americans’ economic mood is perking up ahead of the election, survey finds

💼 Job openings fall to pre-pandemic levels as US labor market continues to cool down

🌬 US chooses winning bids in first commercial sale for floating offshore Atlantic wind

🍦 More McFlurrys: US Copyright Office allows McDonald's to fix broken ice cream machines

✈ Airlines are on the hook for more than you think if something goes wrong with your trip

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