Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a relatively stable range at midday. 

Uber (UBER 92.29, -7.43, -7.45%) is a notable laggard, facing pressure after delivering a strong Q3 with clear top-line acceleration but also an earnings print that's cloudy for comparability. The company reported EPS of $3.11, but that included a meaningful benefit from a tax-valuation release that makes the GAAP EPS number difficult to compare to consensus.

Adjusted EBITDA, the cleaner profitability read, grew 33% year-over-year to roughly $2.3 billion, ahead of the company's $2.19-$2.29 billion guidance.

The stock holds the widest loss in the industrials sector (-1.0%). Elsewhere, Dow component Caterpillar (CAT 552.64, -17.94, -3.14%) moves lower amid the company's investor day, at which the company said it is targeting top-line growth of 5-7% from 2024 to 2030.