- US stocks traded mixed Thursday, with the Nasdaq trading in correction territory.
- Gross domestic product grew by 4.9% at an annualized rate over the third quarter, the fastest since 2021.
- The tech-heavy Nasdaq was also weighed down by Meta after it reported earnings late Wednesday.
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US stocks traded mixed at the open Thursday, as investors digested gross domestic product data that showed the economy grew by 4.9% in the third quarter, the fastest pace since 2021.
The reading beat the expected 4.3% rate and marked an acceleration from growth of about 2% during the first two quarters of the year. While that may suggest more tightening from the Federal Reserve, Treasury yields were little changed.
“This is a strong print but it’s now behind us,” Adam Hetts, global head of multi-asset at Janus Henderson Investors, said in a Thursday note. “The Q3 party might have a meaningful hangover as many positive drivers won’t persist: a weaker consumer, stubborn inflation, a strong dollar, and the lagged impact of rate hikes can all combine for a restrictive backdrop heading into Q4 which would make similar GDP growth truly exceptional.”
Meanwhile, the Nasdaq 100 index continued Wednesday’s decline amid Meta Platforms’ latest earnings. The social-media giant beat forecasts but also warned of a coming slowdown in advertising revenues.
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Here’s where US indexes stood as the market opened at 9:30 a.m. on Thursday:
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Here’s what else is going on:
In commodities, bonds, and crypto: