Nasdaq, S&P 500 snap 3-day win streak | Meta's earnings are in | Cheap stocks analysts love

Quarterly results from Alphabet and Microsoft weighed on stocks.

VIEW IN BROWSER | SUBSCRIBE WED, OCT 26, 2022 EVENING BRIEF AS OF WED, OCT 26, 2022 • 05:06 ET DJIA 31839.11 +0.01% +2.37 S&P 500 3830.60 -0.74% -28.51 NASDAQ 10970.99 -2.04% -228.12 Most Active DOW NAME LAST CHG %CHG AAPL 149.35 -2.99 -1.96% MSFT 231.32 -19.34 -7.72% INTC 27.21 -0.20 -0.73% S&P 500 NAME LAST CHG %CHG AAPL 149.35 -2.99 -1.96% GOOGL 94.93 -9.55 -9.14% F 12.82 -0.01 -0.08% NASDAQ NAME LAST CHG %CHG AAPL 149.35 -2.99 -1.96% GOOGL 94.93 -9.55 -9.14% TSLA 224.64 +2.23 +1.00% EDITOR'S NOTE The Dow Jones Industrial Average eked out a tiny gain for its fourth positive day,  and the S&P 500 and Nasdaq Composite fell, as the first round of Big Tech earnings weighed on the indexes.   Shares of Alphabet dropped 9.1%. The Google parent missed top and bottom lines while also reporting a decline in advertising revenue. Online ad sales have been a hot topic among investors and analysts watching the tech sector.   Microsoft was down 7.7% after reporting weaker-than-expected cloud revenue, making investors jittery even as the company beat revenue estimates. The company also issued current-quarter revenue guidance short of expectations. "Investors probably were caught a little by surprise by the negative guidance offered by Microsoft," said Sam Stovall, chief investment strategist at CFRA. On the other hand, he said investors were "more prepared for continued weakness" from Alphabet.   Big Tech is the centerpiece of earnings this week, with others including Apple and Amazon set to report.   Stovall pointed out that tech is not representative of how companies have fared overall in this reporting season. He pointed to Coca-Cola and UPS, which both performed better than anticipated in his view.   "I think investors are feeling a little bit better about the more large-cap, blue-chip stocks," he said. Alex Harring | CNBC Markets Reporter @alex_harring Watch our live stream for all you need to know to invest smarter. TOP NEWS  Nasdaq snaps three-day winning streak as Big Tech weighs down index Alphabet just had its worst day since March 2020, when Covid shutdowns started in the U.S. Mortgage demand from homebuyers is now nearly half what it was a year ago Meta shares drop on weak fourth-quarter forecast and earnings miss Powell again is facing political pressure as worries mount over the economy These companies are cheap, have strong balance sheets, and analysts love them Microsoft shares sink more than 7% on weak guidance, but analysts bullish on rebound Mobileye pops more than 37% in market debut after spinning out of Intel Fetterman campaign says it raised $1 million in 3 hours after rough Pennsylvania Senate debate with Oz Putin says risk of world conflict is 'high'; Moscow official calls for 'de-Satanization' in Ukraine TOP VIDEO We're back to bad news is good news, says Adam Parker, Trivariate CEO CNBC PRO Retail money market funds inflows are the highest in 30 years as investors seek safety. Best funds to buy SPECIAL REPORTS Powerball's $700 million jackpot is the fifth-largest ever—here's how much you'd take home after taxes 12 states with tax policies on the ballot Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS