Starbucks (SBUX) stock slid more than 1% after-hours as investors digested further details on the coffee chain's fourth quarter following the company's pre-release of some earnings metrics last week.

Yahoo Finance's Brooke DiPalma reports:

In the quarter, revenue fell 3% year over year to $9.1 billion, while adjusted earnings per share fell 25% to $0.80.

Global same-store sales fell 7%, compared to the nearly 4% the Street anticipated. Starbucks China's same-store sales fell 14%, with a 6% drop in foot traffic and an 8% decline in the average ticket size. The company attributed the performance to "intensified competition and a soft macro environment that impacted consumer spending" in the preliminary results.

Read more here.

Meta (META) stock fell nearly 3% after hours following the company's earnings release, which revealed the tech giant's plans to continue ramping up its spending.

Yahoo Finance's Dan Howley reports:

The company forecasted Q4 revenue of between $45 billion and $48 billion. Analysts were looking for $46.09 billion. The company also said it expects capital expenses to grow "significantly" in 2025.

For the third quarter, Meta saw earnings per share (EPS) of $6.03 on revenue of $40.5 billion. Wall Street was expecting EPS of $5.25 on revenue of $40.2 billion, according to analyst estimates compiled by Bloomberg. The company saw EPS of $4.50 and revenue of $34.1 billion in the same quarter last year.

Read more here.

Microsoft (MSFT) stock popped after hours following its first quarter earnings release, which topped Wall Street's estimates for both revenue and earnings per share.

Yahoo Finance's Dan Howley reports:

For the quarter, Microsoft saw earnings per share (EPS) of $3.30 on revenue of $65.6 billion. Analysts were expecting EPS of $3.10 and revenue of $64.5 billion, based on analyst consensus estimates compiled by Bloomberg. The company reported EPS of $2.99 on revenue of $56.5 billion during the same quarter last year.

Microsoft's commercial cloud revenue, which includes cloud services sales, came in at $38.9 billion versus expectations of $38.1 billion.

Read more here.

On a day filled with earnings moves, Reddit stock stood out with a more than 40% rally. The social media company reaped its first-ever profit as a public company, and its third quarter revenue beat Wall Street’s expectations.

Yahoo Finance's Laura Bratton reports:

Reddit on Tuesday evening reported quarterly sales of $348 million — up 68% from last year and ahead of Wall Street’s forecast of $313 million. Reddit’s revenue guidance for the fourth quarter also topped estimates.

Although its adjusted earnings per share of $0.16 fell below the $0.20 expected by analysts, Reddit reported its first profit since its IPO of $30 million. The company reported a net loss of $10 million in the prior quarter and $7.4 million in the year-ago period.

Read more here.

A slew of key corporate reports are set to hit the tape after the closing bell on Wednesday.

Below are a look at what Wall Street is expecting for in some of the key Big Tech releases.

Meta: For the third quarter, Wall Street is expecting Meta to report earnings per share (EPS) of $5.25 on revenue of $40.2 billion, according to analysts' estimates compiled by Bloomberg. The company saw earnings per share of $4.50 on revenue of $34.1 billion in the same quarter last year. Read more here.

Microsoft: For the quarter, Microsoft is expected to report earnings per share of $3.10 on revenue of $64.5 billion, according to analysts consensus estimates compiled by Bloomberg. The company reported EPS of $2.99 on revenue of $56.5 billion during the same quarter last year. Read more here.

Super Micro Computer stock (SMCI) sank Wednesday, falling over 30% after a filing revealed accounting firm Ernst & Young (EY) has resigned from its relationship with the tech company.

In the resignation letter, EY said, “We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee’s representations and to be unwilling to be associated with the financial statements prepared by management, and after concluding we can no longer provide the Audit Services in accordance with applicable law or professional obligations.”

In Wednesday's 8-K SEC filing, Super Micro said in a statement it "disagrees" with EY's decision and is "working diligently to select new auditors."

"The Company does not expect that a resolution of the matters raised by E&Y or those under consideration by the previously announced Special Committee of the Board will result in any restatements of its quarterly financial results for the fiscal year ended June 30, 2024, or for prior fiscal years," Super Micro said in a statement provided to Yahoo Finance.

Super Micro has announced it will provide a first quarter business update on Tuesday, Nov. 5, which is Election Day in the US.

Read more here.

Trump Media & Technology Group stock (DJT) erased the double-digit surge it enjoyed over the past two trading sessions, with shares falling nearly 20% on Wednesday.

The volatile swings come after the stock was briefly halted several times on Tuesday amid heavy trading volume. It still managed to eke out gains of around 8% to trade at its highest level since May, despite the Republican nominee's highly criticized rally at Manhattan's Madison Square Garden over the weekend.

And despite Wednesday's drop in shares, which shaved around $2 billion from its market cap, the stock is still up roughly 200% from its September lows.

The oscillating of shares between highs and lows will likely continue as the election nears. One current investor warned that if Trump loses the election next week, shares of DJT could plunge to $0.

"It's a binary bet on the election," Matthew Tuttle, CEO of investment fund Tuttle Capital Management, told Yahoo Finance's Catalysts show on Monday.

But one analyst surmised that the outsized moves could signal more than just pure-play election bets.

"The stock has acted like a leveraged bet on its namesake’s electoral chances for some time, but even though the election odds have recently stabilized around the current 62% level, the stock continues to rally on high volume nonetheless," Interactive Brokers' chief strategist Steve Sosnick said in a note to clients on Tuesday. "It seems to have taken on a meme-stock-ish life of its own."

Trump maintains a roughly 60% interest in DJT. At current levels of around $42 a share, Trump Media boasts a market cap of about $8.5 billion, giving the former president a stake worth around $5.1 billion.

Read more here.

American workers are no longer seeing large pay bumps when jumping jobs.

New data from ADP released Wednesday showed that the median year-over-year pay increase for job switchers fell to 6.2% in October, well off its pandemic recovery peak of 16.4%. The gap between pay gains for job changers and those of job stayers, which grew at a 4.6% pace in October, is now at its lowest level since ADP began tracking the data in October 2019.

The difference between job changer wage growth and job stay wage growth peaked at 9% during the labor market rebound of 2022, per ADP. Now that difference sits at just 1.5%.

"It means that it's less profitable for the worker to switch jobs," ADP chief economist Nela Richardson said on a call with reporters on Wednesday.

The S&P 500 (^GSPC) was up about 0.2% in midday trade, led by a rally in the Communication Services (XLC) sector. Fresh results from Alphabet (GOOG, GOOGL) helped push shares more than 5% higher and led the gains among the sector.

The search giant reported earnings per share of $2.12 on revenue of $88.27 billion for the quarter ended Sept. 30. That represents a profit and sales increase from the same period last year of 37% and 15%, respectively.

Nvidia (NVDA) rival Advanced Micro Devices's (AMD) stock dropped more than 9% after the chipmaker’s weaker-than-expected fourth quarter outlook ramped up investors’ fears of slowing AI demand.

Nvidia shares fell 1.5% alongside AMD’s slump.

Despite AMD’s softer guidance, Wall Street analysts reiterated their belief that there’s no reason to fear an AI slowdown.

Wedbush analyst Matt Bryson pointed to AMD’s momentum in the GPU space. Graphics processing units are AI chips used in data centers to power generative artificial intelligence software. AMD raised its sales outlook for datacenter GPUs by $500 million to over $5 billion for the upcoming quarter. Nvidia holds a 75% to 90% share of the GPU market.

Bryson said in a note on Wednesday: “With data center AI being by far the largest potential opportunity for AMD, we see the company's continued strong performance on this front as the single most significant data point from last night's call.”

While Bryson said he understands the rationale behind the stock's drop, he said AMD's results "only supported the longer-term bull thesis that AMD is well positioned to realize accelerated growth over a prolonged period as the most competitive alternative to NVDA for data center GPUs.”

Today's a good day to be a social media company.

Reddit (RDDT) shares soared more than 40% to a record high on Wednesday morning, and fellow social media platform Snap's (SNAP) stock surged 8%. Each posted an earnings beat the evening before, thanks to their growing advertising sales.

Reddit's ad revenue grew 56% from last year, helping the company post its first-ever profit on a GAAP-adjusted basis. CEO Steve Huffman said Reddit is "talking to folks" about future AI licensing deals (it currently has partnerships with Alphabet (GOOGL, GOOG) and ChatGPT-maker OpenAI).

As for Snap, CEO Evan Spiegel said direct advertisers on the platform more than doubled from last year in the third quarter, speaking in a call with investors late Tuesday.

Snap and Reddit's results point to "mostly stable" macro trends in digital advertising, JPMorgan analyst Doug Anmuth said in notes to investors on Wednesday.

Meanwhile, Meta (META) shares also rose nearly 2% as the parent of Facebook, Instagram, and WhatsApp prepares to report earnings late Wednesday.

Yahoo Finance's Dan Howley has more on what's expected from Meta here.

Another wave of companies reported earnings Wednesday morning, from pharmaceutical giants Eli Lilly (LLY) and AbbVie (ABBV), to UBS (UBS) and Kraft Heinz (KHC).

Eli Lilly shares tumbled 11% after the drugmaker missed Wall Street's third quarter revenue expectations due to lower-than-anticipated sales of its obesity drugs. Meanwhile, rival AbbVie's stock rose 2% after its earnings topped estimates thanks to sales of its latest immunology drugs and cancer treatments.

Kraft Heinz dropped 3.7% after its quarterly earnings missed forecasts as consumers sought cheaper options for packaged food products. UBS declined 3.8% despite the Swiss bank topping estimates, as its CEO remarked on an uncertain macroeconomic environment going into the fourth quarter.

Here’s a snapshot of how companies performed relative to Wall Street’s expectations, using Bloomberg consensus estimates:

Eli Lilly: Adjusted diluted earnings per share of $1.18 vs. $1.51 expected, revenue of $11.4 billion vs. $12.2 billion expected.

AbbVie: Adjusted diluted earnings per share of $3.00 vs. $2.91 expected, revenue of $14.5 billion vs. $14.3 billion expected.

Caterpillar (CAT): Adjusted diluted earnings per share of $5.17 vs. $5.34 expected, revenue of $16.1 billion vs. $16.4 billion expected

UBS: Diluted earnings per share of $0.43 vs. $0.24 expected, revenue of $11.7 billion vs. $11.5 billion expected

Kraft Heinz: Adjusted diluted earnings per share of $0.75 vs. $0.74 expected, revenue of $6.38 billion vs. $6.42 billion expected

Hess (HES): Adjusted diluted earnings per share of $2.14 vs. $1.81 expected, revenue of $3.2 billion vs. $2.9 billion expected

Homebuying demand bounced back in September amid lower mortgage rates during the month.

Pending home sales rose 7.4% in September from the month prior, according to the National Association of Realtors, hitting the highest level since March. Economists polled by Bloomberg had expected a 1.9% monthly increase in the data, a forward-looking indicator of home sales based on contract signings,

High mortgage rates this year have prompted potential sellers and buyers to stay on the sidelines. In September, the rates started to drop after the Federal Reserve cut the federal funds rate at its meeting that month.

“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” NAR chief economist Lawrence Yun said in a press statement. “Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.”

However, the cost of mortgages has risen again this month. And many first-time homebuyers remain on the fence due to high borrowing costs, record home prices, and a lack of supply.

US stocks traded mixed on Wednesday, with the Nasdaq looking to build on its latest record as Alphabet's (GOOG, GOOGL) strong earnings boosted optimism for Big Tech results.

Meanwhile, crucial GDP and labor market data continued to add data pieces to the Federal Reserve's puzzle ahead of its next interest rate decision.

The Dow Jones Industrial Average (^DJI) fell more than 60 points, or more than 0.1%, while the S&P 500 (^GSPC) also slid about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) rose just above the flat line as a fresh batch of earnings rolled in.

Shares of Super Micro Computer (SMCI) cratered in premarket trading, falling over 30% after a filing revealed accounting firm Ernst & Young (EY) has resigned from its accounting duties with the tech company.

In a resignation letter, EY said, in part: “We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee’s representations and to be unwilling to be associated with the financial statements prepared by management, and after concluding we can no longer provide the Audit Services in accordance with applicable law or professional obligations.”

EY quit while conducting the audit for Super Micro's fiscal year that ended on June 30, 2024. The resignation comes two months after a short seller report from Hindenburg Research alleged, among other things, "accounting manipulation" at the AI highflier.

The US economy grew at a slightly less rapid pace in the last quarter than expected.

The Bureau of Economic Analysis's advance estimate of US gross domestic product showed GDP grew at an annualized pace of 2.8% in the third quarter, below the 2.9% growth expected by economists surveyed by Bloomberg. The reading also came in lower than the 3% growth seen in the second quarter.

Meanwhile, the "core" Personal Consumption Expenditures index — a measure of price pressures that excludes the volatile food and energy categories — grew by 2.2% in the second quarter. That topped estimates of 2.1% but was significantly lower than the 2.8% gain in the prior quarter.

Read more here.

Economic data: MBA Mortgage Applications, (week ended Oct. 25); ADP private payrolls, (October); GDP annualized; Pending home sales, September

Earnings: ADP (ADP), Caterpillar (CAT), Carvana (CVNA), Coinbase (COIN), Etsy (ETSY), Eli Lilly (LLY), Microsoft (MSFT), Meta (META), Roku (ROKU), Robinhood (HOOD), Starbucks (SBUX); Humana (HUM); Biogen (BIIB); Kraft Heinz (KHC)

Here are some of the biggest stories you may have missed overnight and early this morning:

Eli Lilly stock sinks amid earnings miss, slashed outlook

Samsung's $122B wipeout shows cost of sleeping on AI

Reddit shares soar after strong sales forecast

AMD stock tumbles amid concerns about AI growth

'A lot rides' on Big Tech earnings for the S&P 500 rally

Oil may spike post-election on Mideast risk, StanChart warns

Iran lifts ban on imports of Apple's new iPhones

Shares of Google parent Alphabet (GOOG, GOOGL) jumped 7% premarket Wednesday after the company reported earnings that beat Wall Street's expectations.

Here's a look at how its performance compared to forecasts, according to Bloomberg consensus estimates:

Google's better-than-expected growth was all thanks to artificial intelligence. Quarterly sales within the company's robust Cloud unit, for example, grew 35% to $11.4 billion, Yahoo Finance's Hamza Shaban reports.

“This business has real momentum, and the overall opportunity is increasing as customers embrace gen. AI," Google CEO Sundar Pichai said in a call with investors Tuesday evening.

Jefferies analyst Brent Thill wrote on Wednesday: "AI feels increasingly like a well-managed tailwind, improving effectiveness of ads, drawing in Cloud customers, and driving internal efficiencies."

In notes to investors, with titles like "Gem of a Quarter," "Ice in its veins," and "Come At The Search King," Wall Street analysts raised their price targets and earnings outlooks for Google, with bullish Thill seeing shares rise as high as $235. On average, analysts forecast shares rising to about $209 over the next 12 months, according to Bloomberg consensus estimates.

The latest data from ADP out Wednesday showed the private sector added 233,000 jobs in October, above economists' estimates for 111,000 and significantly higher than the 159,000 jobs added in September.

September's number of job additions was revised up from a prior reading of 143,000.

"Even amid hurricane recovery, job growth was strong in October," ADP chief economist Nela Richardson said in a release. "As we round out the year, hiring in the US is proving to be robust and broadly resilient."