Stocks closed mixed yesterday with the S&P and Nasdaq finishing in the red, while the Dow and small-cap Russell 2000 finished in the green.

Big tech weighed on the market once again. On Wednesday it was Microsoft and Alphabet (aka Google).

Yesterday it was Meta (aka Facebook).

And today, based on yesterday's end of day earnings, it could be Amazon and Apple weighing on stocks.

After the close yesterday, Amazon posted a beat on bottom line earnings, but a miss on top line sales. But it was the weak guidance for Q4 (midpoint of $144B vs. $155B expected) that weighed on shares in after-hours trade (down roughly -20%). Apple reported after the close as well and posted a 2.38% positive EPS surprise, and a 1.90% positive sales surprise on record revenue. But lighter than expected iPhone sales, and services pushed shares lower in after-hours by roughly -2%.

Stocks were mostly higher in the morning yesterday after pre-open beats by Caterpillar (+23.8% positive EPS surprise), McDonald's (+4.28% positive EPS surprise), and Merck (+10.8% positive EPS surprise), but weakened as the day wore on.

Today we'll hear from biggies Exxon Mobile (before the market opens), ColgatePalmolive (before the open), and AbbVie (before the open), to name a few. (In total, we'll get 62 companies in all.)

That number balloons to 1,646 next week.

Contributing to the stronger tone earlier in the day yesterday was a better than expected Q3 GDP report which came in at +2.6% vs. the consensus for 2.3%. Personal Consumption Expenditures rose 1.4% vs. last quarter's 2.0% and views for 0.8%.

After Q1's -1.6%, and Q2's -0.6% (two down quarters in a row), which is the definition of a recession, we appeared to have come out of it just as quickly.

Of course, Q3 is now 'old news.' And it's Q4 that the market is focused on now.

Nonetheless, it showed the resilience of the U.S. economy.

Today we'll get the Personal Income and Outlays report, the Employment Cost Index, Pending Home Sales, and Consumer Sentiment.

Stocks are still up for the week (except for the tech-heavy Nasdaq), with one more day to go.

Should be a busy day.

Best,