Stock market live Thursday: Dow gains 100, Netflix hikes prices, Apple & Amazon fall after reports

• Dow closed up 0.52% for its first positive day in five
• Dow is down 5.92% week to date, on pace for its worst week since March 20
• Dow is down 6.59% year to date
• S&P 500 closed up 1.19% for its first positive day in four
• S&P 500 is down 4.48% week to date, on pace for its worst week since June 12
• S&P 500 is up 2.46% year to date
• S&P 500 is 7.75% below its intraday all-time high of 3,588.11 from Sept. 2
• Ten out of 11 sectors were positive Thursday. — Jesse Pound

Shares of Apple lost more than 4% in extended trading after the company reported iPhone sales below Wall Street expectations for its fiscal fourth quarter. The consumer tech giant reported 73 cents in earnings per share and $64.7 billion in revenue for the period. Those numbers beat projections, as analysts surveyed by Refinitiv were looking for 70 cents in earnings per share and $63.7 billion in revenue. However, the company reported $26.44 billion in revenue from the iPhone, below the $27.93 billion expected. Apple also declined to give guidance for the fiscal first quarter. — Jesse Pound

E-commerce giant Amazon's third quarter earnings results blew past Wall Street's earnings projections with per-share income of $12.37 on revenues of $96.15 billion, growth of 37% compared to the year-ago period. Wall Street's consensus projections for EPS and sales were $7.41 and $92.7 billion, respectively. The company forecast fourth-quarter sales in a range between $112 billion and $121 billion, or growth of 28% to 38% from a year earlier.

Amazon said it expects operating income of $1 billion to $4.5 billion assuming about $4 billion in costs related to Covid-19, more than the $2 billion from the second quarter.

Shares were down about 1.1% in volatile after-hours trading despite the beat. Amazon stock gained 1.5% during Thursday's regular session. — Thomas Franck

Facebook reported third quarter results that exceeded analyst expectations on both the top and bottom line. The company earned $2.71 per share on revenue of $21.47 billion. Analysts surveyed by Refinitiv expected the company to report $1.91 in earnings per share, while generating $19.8 billion in revenue.

The stock slid 2% in extended trading after gaining nearly 5% during Thursday's regular session. — Pippa Stevens

Shares of Google-parent Alphabet surged more than 8% in extended trading after earnings results beat Wall Street expectations. The company reported earnings of $16.40 per share and $46.17 billion in revenue for the third quarter. Analysts surveyed by Refinitiv projected $11.29 in earnings per share and $42.90 billion in revenue. — Jesse Pound

The U.S. market finished a volatile session in positive territory on Thursday to claw back some of its recent declines. The Dow gained 139 points, or 0.5%. The S&P 500 and Nasdaq Composite added 1.2% and 1.6%, respectively. — Jesse Pound

Treasurys extended their losses after a weak 7-year auction.

Yields, which move opposite price, rose Thursday as investors positioned for month end and considered the implications of more stimulus spending after the election. Yields edged even higher after the 1 p.m. ET auction.

The 7-year reached a high of 0.61%. "The 2.24 bid cover ratio is the weakest since August 2019, but considering the relentless $3 bln per month increases in supply since April and the record-high $53 bln size of today's auction, this cover ratio generated by today's auction is quite a bit stronger than the August 2019 auction," wrote Tom Simons of Jefferies.

The benchmark 10-year Treasury yield also moved higher and was at 0.835% in late afternoon trading. According to Michael Schumacher at Wells Fargo, the market is also considering the potential for post-election stimulus spending.

In the event of a blue wave Democratic sweep, the expectations are for trillions in stimulus early next year, which would result in an increase in Treasury debt.

--Patti Domm

With less than an hour left in the session, the major averages were headed for strong gains, clawing back some of Wednesday' sharp decline. The Dow traded nearly 250 points higher, or 0.9%. The S&P 500 gained 1.7% and the Nasdaq Composite popped 2.2%. —Fred Imbert

Netflix shares jumped to a 3.4% gain after the streaming video giant raised monthly prices for its top two subscription tiers. The company's most popular option now costs $13.99 per month, up from $12.99. The news was first reported by The Verge. — Jesse Pound

Shares of pool supply company Leslie's have surged after the company's first day as a publicly traded company. The stock, which trades under the ticker LESL on the Nasdaq, priced its initial public offering at $17 per share on Wednesday night, and shares have jumped more than 22% to roughly $20.76 per share. — Jesse Pound, Robert Hum

Major stock averages have moved solidly in the green during Thursday's volatile session. The Dow last traded up 200 points after falling as much as 229 points earlier. The S&P 500 gained 1.4%, while the Nasdaq Composite outperformed, rising 1.8% as Big Tech shares popped ahead of earnings after the bell.— Yun Li

A busy stretch of earnings is driving moves by individual stocks. Here are some of the most notable moves at midday:

Pinterest — The social media stock soared after Pinterest reported a blowout third quarter. The company's 13 cents in adjusted earnings per share was 10 cents above what analysts surveyed by Refinitiv predicted, while revenue of $443 million beat projections by nearly $50 million.

Ford Motor – Shares of Ford jumped more than 5% after the automaker posted quarterly results that blew past analysts' expectations. Ford posted an adjusted EPS of 65 cents, well ahead of a Refinitiv estimate of 19 cents. Its automotive revenue also came above forecasts.

Spotify – Shares of Spotify dropped more than 9% after the streaming music service reported a slightly wider-than-expected loss. Spotify lost 68 cents per share in the third quarter, compared to an estimate of a 62-cent loss per FactSet. Its revenue was in line with expectations.

Take a look at more movers here. — Jesse Pound

The major averages rose slightly around midday as traders looked ahead to the earnings reports from big tech companies. The S&P 500 traded 0.6% higher and the Nasdaq advanced 1.5%. The Dow Jones Industrial Average hovered around the flatline. —Fred Imbert

Bank of America's Stephen Suttmeier noted the Russell 2000 — which tracks the performance of small-cap stocks — could continue to outperform the large-cap S&P 500 as seasonal factors kick in.

"November is the second strongest month for the Russell 2000 with average returns of 2.1% and the index up 68.3% of the time," said Suttmeier, a technical research strategist at the bank. "When October is up for RTY, these stats improve further with average returns going to 3.3%, up 73.9% of the time."

The Russell 2000 has rallied 3% this month and is on pace for its biggest monthly gain since August. The S&P 500, meanwhile, is down about 2% in October and headed for its first consecutive monthly decline since March. —Fred Imbert, Michael Bloom

Exxon said Thursday that it expects to reduce its workforce by around 1,900 employees through voluntary and involuntary programs. "The workforce reductions are the result of ongoing reorganizations and work-process changes that have been made over the past several years to improve efficiency and reduce costs," the company said in a statement. "These actions will improve the company's long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions."

Shares of Exxon last traded 2.3% higher. — Pippa Stevens

Andrew Slimmon, managing director at Morgan Stanley Investment Management, said the rough week for the markets was due in large part to overbought positioning at the end of last week and upcoming skittishness about the upcoming election.

"I think the market was very much set up for, okay, if something bad comes along, can it cause a pullback," Slimmon said. "And so you get further shutdowns based on Covid and going into the week before the election, and unfortunately people emotionally react to the election."

Slimmon pointed to a strong pattern of earnings beats for the S&P 500 and the pattern of fund flows picking up after the election as reasons to be bullish on the market going forward, but said volatility would likely continue through the election.

"There's a high level of anxiety among investors right now, and that makes it very hard to handicap the next few days," Slimmon said. — Jesse Pound

Shares of Alphabet and Apple gained more than 2% each in morning trading on Thursday, while Facebook jumped 4% and Amazon rose 1%. All four tech giants are slated to report earnings after the bell. Their strength pushed the Nasdaq Composite more than 1% higher, outperforming the Dow and the S&P 500. — Yun Li

President Donald Trump took to Twitter to comment on the record Q3 GDP reading. It did, however, follow a record drop during the second quarter.

— Pippa Stevens

The Dow continued to slide in early trading, at one point falling more than 200 points. The 30-stock average last traded at a 175 point loss, while the S&P 500 was down 0.2%. — Jesse Pound

Stocks opened Thursday's session slightly higher after volatile overnight trading. The Dow gained 6 points, while the S&P 500 was up 0.4%. The Nasdaq Composite advanced 0.8%. Better-than-expected economic data on Thursday helped to boost sentiment. — Pippa Stevens