Stocks opened higher but closed mixed as rising Treasury yields dampened early enthusiasm. The Dow fell 0.2% for its seventh consecutive loss, while the Nasdaq gained 0.1%, buoyed by Broadcom's 24.4% surge after strong earnings and a dividend hike. RH and Costco also reported solid earnings, with RH stock up 17% and Costco rising 0.1%.
Top Wall Street analysts are optimistic about dividend stocks as the Federal Reserve embarks on a rate-cutting campaign. Exxon Mobil (XOM) reported strong Q3 results, increasing its dividend for the 42nd consecutive year, while Coterra Energy (CTRA) aims to return over 50% of its free cash flow to shareholders. Walmart (WMT) also raised its annual dividend, benefiting from robust e-commerce growth and improved margins.
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