The S&P 500 and Dow rose Wednesday afternoon on renewed expectations of a delay in interest rate hikes, while the Nasdaq remained under pressure from Microsoft and Alphabet’s disappointing earnings.

The 10-year Treasury yield plummeted to a one-week low after the Bank of Canada’s smaller-than-expected rate hike.

Economic data and company outcomes imply that rising borrowing costs are hurting economic growth.

“The Fed story has been in the market since Friday,” said Art Hogan, Chief Market Strategist at B. Riley Wealth in New York.

Wall Street’s main indexes have gained three straight days on anticipation of a less-hawkish Fed, even as the central bank is likely to deliver its fourth 75 basis-point boosts on Nov. 1-2.

According to CME’s FedWatch tool, bets for a 50 basis point hike in December rose to 55.3% from 47.4% a day before, while bets for a 75 basis point hike fell to 38.6% from 50.8%.

A dip in new house sales in September contributed to recent figures showing declining corporate activity and waning consumer confidence.

Microsoft Corp (MSFT.O) dragged down the Nasdaq index (.IXIC) with its lowest sales growth in five years and below-estimated second-quarter revenue.

Alphabet Inc (GOOGL.O) slumped 6.5% after announcing disappointing ad sales and warning of ad expenditure slowdown.

“Large IT businesses’ disappointing earnings are company-specific, not market-specific. Yields pulling back for a few days seems to be a bigger tailwind than Microsoft and Alphabet misses” said Hogan.

Meta Platforms (META.O) and Pinterest (PINS.N) lost 2.6% and 1.4%, respectively.

The Dow Jones Industrial Average (.DJI) was up 289.55 points, or 0.91%, at 32,126.29, the S&P 500 (.SPX) was up 19.78 points, or 0.51%, at 3,878.89, and the Nasdaq Composite (.IXIC) was down 27.42 points, or 0.24%, at 11,171.70.

Visa Inc (V.N) rose 5.2% after beating quarterly profit projections on robust travel demand.

NYSE advancers outweighed decliners 4.87-to-1 and Nasdaq 3.43-to-1.

The S&P index had 23 new 52-week highs and two new lows, while the Nasdaq had 73 and 41.

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