Stocks finished lower Wednesday, one day after the Dow industrials and the S&P 500 closed at records, amid a busy week of corporate earnings.
Here are some of the big movers in the stock market on Wednesday:
1. McDonald's | Increase 2.7%
McDonald's (MCD) - Get McDonald's Corporation (MCD) Report shares rose after the world's biggest restaurant chain posted stronger-than-expected third-quarter earnings. Higher U.S. menu prices, as well as larger order sizes, boosted sales. Revenue rose 14% to $6.2 billion, beating analysts' estimates of $5.42 billion.
2. Alphabet | Increase 5%
Shares of Alphabet (GOOGL) - Get Alphabet Inc. Class A Report advanced after the parent of Google beat Wall Street's third-quarter-earnings estimates. Net income came to $18.93 billion, or $27.99 a share, beating estimates of $23.48 a share. Revenue rose 41% to $65.12 billion, exceeding an estimate of $63.34 billion.
3. Microsoft | Increase 4.2%
Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report shares powered higher after the technology giant reported a strong performance from its cloud business. The company beat analysts’ quarterly revenue estimates. First-quarter revenue rose 22% from a year earlier to $45.32 billion. Analysts surveyed by Refinitiv had forecast $43.97 billion for the quarter.
4. Enphase Energy | Increase 25%
Shares of Enphase Energy (ENPH) - Get Enphase Energy, Inc. Report jumped after the microinverter maker reported stronger-than-expected earnings for the third quarter. Adjusted earnings totaled 60 cents a share, beating analysts’ prediction of 49 cents. Revenue hit $352 million, nearly doubled the $179 million of a year earlier and above the analyst consensus of $345 million.
5. Spotify | Increase 8.3%
Spotify (SPOT) - Get Spotify Technology SA Report climbed after the music and podcast streamer reported better-than-expected revenue, monthly average users, free cash flow and gross margin, but a wider-than-forecast loss. Revenue rose 27% to 2.5 billion euros ($2.91 billion), above the FactSet consensus of 2.45 billion euros.