- US stocks traded mixed on Thursday as GDP figures surprised to the upside, quelling some recession fears.
- The Nasdaq slid on weak tech earnings, with Facebook parent Meta marking the latest miss.
US stocks traded mixed on Thursday, with the Dow Jones Industrial Average notching a fifth straight win as better-than-expected GDP figures lifted sentiment.
But the Nasdaq was again weighed down by disappointing tech earnings, this time from Meta's quarterly miss. Shares of the Facebook parent plunged more than 20% and are at their lowest level since 2016, piling onto the weakness reported earlier in the week by Alphabet and Microsoft.
Tech titans Amazon, Apple, and Intel are expected to report their quarterly financials late Thursday, which could usher in more volatility on Friday.
Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:
- S&P 500: 3,807.93, down 0.59%
- Dow Jones Industrial Average: 32,036.51, up 0.62% (197.40 points)
- Nasdaq Composite: 10,792.67, down 1.63%
Here's what else is happening today:
- Morgan Stanley downgraded Meta to "buy" and slashed its price target for the stock to $105 from $205.
- The housing market was one of the biggest drags on economic growth in the third quarter, and that isn't expected to let up anytime soon, analysts say.
- Tankers filled with dirty Russian oil have piled up around Asian ports ahead of a new round of European Union sanctions.
In commodities, bonds and crypto:
- West Texas Intermediate crude rose 0.93% to $88.73 per barrel. Brent crude, the international benchmark, fell 1.46% to $94.64.
- Gold edged lower 0.39% to $1,658 per ounce.
- The 10-year Treasury yield tumbled 7.6 basis points to 3.93%.
- Bitcoin slid 0.24% to $20,624.