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

• 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: 

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• S&P 500: 3,849.51, up 0.49% 

• Dow Jones Industrial Average: 32,221.06, up 1.2% (381.95 factors)

• Nasdaq Composite: 10,990.52, up 0.18% 

Here’s what else is occurring at this time: 

• The European Central Bank raised rates of interest by 75 foundation factors, marking its second jumbo hike in a row. 
• Facebook’s identity crisis is costing Mark Zuckerberg billions, and he is okay with it. Meta expects to continue to lose cash on its metaverse wager, however Zuckerberg stated affected person traders will reap rewards from the “historic” effort.
• Credit Suisse inventory tumbled after the troubled financial institution stated it racked up a multibillion loss and vowed to overhaul its enterprise. 
• Twitter shares will probably be suspended from buying and selling on Friday as Elon Musk nears the completion of his takeover.
• Mega-cap tech stocks are poised to drop as earnings for giants like Alphabet and Meta have left traders “screaming for financial discipline.”

In commodities, bonds, and crypto:

• West Texas Intermediate crude rose 1.66% to $89.35 per barrel. Brent crude, the worldwide benchmark, climbed 1.16% to $96.80.  
• Gold fell 0.27% to $1,664 per ounce. 
• The 10-year Treasury yield shed 4.7 foundation factors to 3.968%. 
• Bitcoin inched decrease 0.22% to $20,705.