US stocks climb after GDP shows economy returning to progress, while Big Tech earnings continue to disappoint

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  • US stocks traded blended Thursday as a better-than-expected GDP print confirmed the economy grew 2.6%. 
  • Meta shares shed 23% after reporting an earnings miss after the closing bell on Wednesday.
  • Meanwhile, the European Central Bank raised rates of interest to 1.5%, the very best mark since 2009. 

US stocks climbed Thursday after a better-than-expected GDP print, while Big Tech earnings continue to roll in and miss expectations. 

For the third quarter, US GDP climbed 2.6% on an annualized foundation. While it may be considered as an upbeat information level for the economy, it additionally opens the door to extra fee hikes from the Federal Reserve, which is struggling in opposition to decades-high inflation. 

Meanwhile, shares of Meta dropped greater than 23% early Thursday following Wednesday afternoon’s earnings miss. It follows the lead of Alphabet and Microsoft, which each noticed shares hunch after earnings. Faltering promoting income is negatively impacting Big Tech firms throughout the board. 

“It’s clear that there are headwinds for the industry after a period of unsustainable growth coming out of the pandemic, IOS privacy changes, growing competition and macro headwinds,” Michael Reinking, senior market strategist for the New York Stock Exchange, instructed Insider. 

Here’s the place US indexes stood shortly after the 9:30 a.m. opening bell on Thursday: 

Here’s what else is occurring at this time: 

In commodities, bonds, and crypto:

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