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

Share to friends
Man with blue umbrella with back against Meta logo.
Meta brand

  • 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. 

READ ALSO  'The recession may be here already': Amazon sees $120 billion in market value wiped out after mixed 3rd-quarter earnings, but Wall Street isn't turning bearish yet

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: 

READ ALSO  Stocks crashed 50% in the 2008 disaster. Here's how bad Jamie Dimon, Nouriel Roubini, Michael Burry, and other top commentators see it getting in the next recession.

Here’s what else is occurring at this time: 

READ ALSO  Mark Zuckerberg said he was 'fairly assured' Meta is heading in a 'good course' as its stock crashed 20% after a huge earnings miss

In commodities, bonds, and crypto:

Read the unique article on Business Insider

Go to Source