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

• US stocks traded mixed Thursday as a better-than-expected GDP print showed the economy grew 2.6%.
• Meta shares shed 23% after reporting an earnings miss after the closing bell on Wednesday.

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 basis. While it can be viewed as an upbeat data point for the economy, it also opens the door to more rate hikes from the Federal Reserve, which is struggling against decades-high inflation.

Meanwhile, shares of Meta dropped more than 23% early Thursday following Wednesday afternoon's earnings miss. It follows the lead of Alphabet and Microsoft, which both saw shares slump after earnings. Faltering advertising revenue is negatively impacting Big Tech companies across 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, told Insider.

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

• S&P 500: 3,849.51, up 0.49%

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

• Nasdaq Composite: 10,990.52, up 0.18%

Here's what else is happening today:

• The European Central Bank raised interest rates by 75 basis points, marking its second jumbo hike in a row.
• Facebook's identity crisis is costing Mark Zuckerberg billions, and he's okay with it. Meta expects to continue to lose money on its metaverse bet, but Zuckerberg said patient investors will reap rewards from the "historic" effort.
• Credit Suisse stock tumbled after the troubled bank said it racked up a multibillion loss and vowed to overhaul its business.
• Twitter shares will be suspended from trading 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 investors "screaming for financial discipline."

In commodities, bonds, and crypto:

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