Wall Street: Wall Street opens higher after US GDP rebound


(Reuters) – The New York Stock Exchange opened higher on Thursday after news of a stronger-than-expected rebound in the U.S. economy in the third quarter eased fears of a looming recession, but forecasts were weak. encouraging Meta Platforms penalize technology stocks.

In early trading, the Dow Jones index gained 417.48 points, or 1.31%, to 32,256.59 points and the broader Standard & Poor’s 500 rose 0.15% to 3,836.38 points.

The Nasdaq Composite lost 0.46%, or 50.03 points, to 10,920.97.

US gross domestic product (GDP) rose 2.6% at an annualized rate in the July-September period after contracting 0.6% in the second quarter.

Another statistic of the day, jobless claims rose slightly in the United States during the week to October 22, to 217,000 against 214,000 the previous week, according to data from the Labor Department.

Meta Platforms, owner of Facebook, Instagram and WhatsApp, fell -23.47% after presenting a pessimistic picture of its short-term outlook on Wednesday.

Google parent Alphabet and Microsoft, which also reported disappointing earnings, fell 1.47% and 0.99% respectively.

Semiconductor manufacturers, however, benefit from Meta’s announcement of an increase in its investment prospects for 2023. Nvidia takes 4.08%, Qualcomm 0.55% and Advanced Micro Devices 3.4%.

Among other stocks, McDonald’s gained 3.33% after posting like-for-like sales above expectations in the third quarter.

Twitter gained 1.06% to $53.90, approaching the price of Elon Musk’s offer to buy the social network at $54.20.

(Written by Kate Entringer)

Copyright © 2022 Thomson Reuters



Source link -84