US stocks buoyed by 3Q GDP beat; Nasdaq dented by weak tech sector earnings – Proactive Investors USA
9.40am: US economy grew in 3Q after two quarters of declines
US stocks opened mixed on Thursday buoyed by a higher-than-expected GDP reading for the third quarter, with the Nasdaq Composite dragged down by disappointing quarterly results from tech giants Meta, Alphabet, and Microsoft.
Just after the market opened, the Dow Jones Industrial Average had added 442 points or 1.4% at 32,281 points, the S&P 500 was up 18 points or 0.5% at 3,848 points, while the Nasdaq was down about 21 points or 0.2% at 10,950 points.
After two straight quarters of declines, the US economy grew at an annualized rate of 2.6% in 3Q, above the expected 2.4%.
Forex.com market analyst Fiona Cincotta said the headline figures have masked what is going on beneath the surface. “Wild swings in trade and inventories have been behind the technical recession in 1H and now this stronger-than-expected rebound,” she said.
“The reality is that consumer growth, which accounts for more than two-thirds of the US…
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source: https://news.oneseocompany.com/2022/10/27/us-stocks-buoyed-by-3q-gdp-beat-nasdaq-dented-by-weak-tech-sector-earnings-proactive-investors-usa_2022102734509.html
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