The Nasdaq Composite rose 1.06% to 26,704.46 on Wednesday, driven by a 1.4% surge in information technology shares. The broader market advanced, with the S&P 500 gaining 0.47% to 7,748.93.

Thermo Fisher Scientific Inc. (NYSE: TMO) posted upbeat third-quarter results, beating market expectations on both earnings and sales. The company reported adjusted earnings of $6.68 per share, surpassing the estimate of $6.40 per share. Sales reached $12.137 billion, exceeding the projected $11.946 billion. Following the results, Thermo Fisher raised its FY2026 forecast.

Sector performance and top movers

Information technology led sector gains, while communication services fell 1.2%. Several individual stocks moved significantly on earnings news and guidance updates.

What the numbers show

Thermo Fisher’s performance highlights a divergence between operational strength and broader market sentiment for specific sub-sectors. While the company beat consensus estimates by $0.28 per share in adjusted earnings and exceeded revenue forecasts by $191 million, the broader communication services sector contracted by 1.2%. This suggests that capital goods and life sciences tools are outperforming digital media and telecom segments in this trading session. Additionally, the sharp 30% decline in Alpha Teknova following a $40 million equity offering at $5.00 per share indicates investor sensitivity to dilution risks despite preliminary financial disclosures.

Commodities and global markets

In commodity markets, oil traded down 1.1% to $96.75, while gold edged up 0.1% to $4,146.10. Silver fell 0.7% to $57.615, and copper declined 0.7% to $6.5580.

European equities closed higher, with Germany’s DAX climbing 1.5% and France’s CAC 40 gaining 1.1%. The STOXX 600 rose 1%, while London’s FTSE 100 added 0.4%. In Asia, markets were mixed; Japan’s Nikkei 225 gained 0.85%, but Hong Kong’s Hang Seng index fell 0.90%, China’s SSE Composite Index dipped 0.60%, and India’s BSE Sensex slipped 0.19%.

Economic indicators

U.S. mortgage applications tumbled 5.3% in the week ending October 16, marking the seventh consecutive weekly decline. Meanwhile, U.S. crude inventories declined by 3.061 million barrels in the week ended October 16, significantly larger than the market estimate of a 0.8 million-barrel draw.

US equities traded higher on Tuesday, with the Nasdaq Composite gaining more than 100 points. The Dow Jones Industrial Average rose 1.21% to 52,593.36, while the S&P 500 climbed 0.54% to 7,731.90.

Sector performance

Health care shares jumped 2.1%, leading sector gains. In contrast, energy stocks fell 1.1%. This divergence highlighted a rotation into defensive sectors despite broader market strength.

Corporate highlights

3M Co (NYSE: MMM) reported better-than-expected third-quarter adjusted earnings per share (EPS) of $2.50, beating analysts’ estimate of $2.39. Adjusted sales increased 4.2% to $6.6 billion, slightly below the $6.61 billion consensus estimate. The company raised its FY26 adjusted EPS guidance above estimates.

Other notable movers included Myriad Genetics Inc (NASDAQ: MYGN), which rose 33% to $5.60 after announcing the sale of its Prenatal Health testing business to Labcorp. Braze Inc (NASDAQ: BRZE) surged 51% to $45.29 following news of its acquisition by Salesforce. Hertz Global Holdings Inc (NASDAQ: HTZ) gained 12% to $2.07 after Oro Mobility secured an $80 million strategic equity investment.

On the downside, Mueller Industries Inc (NYSE: MLI) dipped 8% to $56.24 after mixed third-quarter results. Home Bancorp Inc (NASDAQ: HBCP) fell 5% to $62.25 on downbeat quarterly results, and General Motors Co (NYSE: GM) dropped 5% to $78.32 after narrowing its FY26 EPS guidance.

Commodities and global markets

Oil traded up 0.6% to $104.25, while gold declined 0.1% to $4,157.50. Silver rose 1.3% to $58.02, and copper increased 0.5% to $6.6100.

European shares were mostly lower, with the STOXX 600 falling 0.2% and the FTSE 100 dropping 0.5%. Asian markets closed mixed, as Japan’s Nikkei 225 fell 1.30% and China’s SSE Composite Index gained 0.12%.

Economic data

US housing starts dipped 5.2% month-over-month to an annual rate of 1.221 million in September. Building permits fell 0.2% to 1.400 million units, exceeding market estimates of 1.390 million. Pending home sales declined 7.3% from the previous month, missing forecasts of a 0.5% decrease.