Key Highlights

● Align Technology shares were little changed after its report.

● The company makes Invisalign clear aligners.

● Orthodontic treatment is often an elective, out-of-pocket purchase.

● Health care overall was among the stronger sectors that day.

Align Technology shares were little changed in extended trading on Wednesday, October 28, after the Invisalign maker's quarterly report.

Align Technology (NASDAQ:ALGN) was flat after the closing bell after the maker of Invisalign clear aligners reported quarterly results. A closing recap listed the S&P 500 company among those whose shares were little changed after their reports. No specific reason for the muted reaction was cited in the coverage reviewed.

Clear Aligners and the Consumer

Align makes Invisalign clear aligners, a popular alternative to traditional metal braces, along with iTero intraoral scanners and software used by dentists and orthodontists. Its business sits at the intersection of health care and consumer spending, because orthodontic treatment is often an elective purchase that patients pay for partly out of pocket.

That makes the company sensitive to how confident households feel about spending on big-ticket discretionary items. When budgets are tight, some patients delay treatment. Detailed figures for the quarter, including revenue, case volumes and any change to the company's outlook, were not available in the recaps reviewed.

The Consumer Backdrop

Several pressures are weighing on household budgets. Oil prices settled above $100 a barrel, with West Texas Intermediate at $102.78, after Yemen's Houthis claimed a missile attack on a Saudi refinery. Mortgage rates have climbed over the past month.

The Federal Reserve left its benchmark rate range unchanged on Wednesday in a 10-2 vote. The statement said economic activity is expanding at a strong pace and inflation remains elevated. Long-dated Treasury yields climbed, with the 10-year pushing past a key psychological threshold.

Health Care Movers

Health care was among the eight S&P 500 sectors that finished higher on Wednesday. GE HealthCare (NASDAQ:GEHC) rallied after raising its full-year guidance, and Labcorp (NYSE:LH) climbed after lifting its outlook. Boston Scientific (NYSE:BSX), by contrast, fell after trimming its forecast, with chief executive Mike Mahoney describing it as a challenging year.

For dental and medical device makers, demand for elective procedures is one factor investors tend to monitor closely. The S&P 500 closed at 7,743.98, up 21.38 points, for a third straight gain.

What to Watch

Investors will look for management commentary on clear aligner case starts among teenagers and adults, demand in international markets, pricing and scanner sales, which often signal how much dentists are investing in their practices.

Thursday, October 29, brings the advance estimate of third-quarter GDP and September PCE inflation data at 8:30 a.m. ET, offering a fresh read on consumer spending. Mastercard (NYSE:MA), Merck (NYSE:MRK) and Caterpillar (NYSE:CAT) report before the open, and Amazon (NASDAQ:AMZN) reports after the close.