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- US stocks rose as Big Tech earnings stayed strong while US GDP growths slowed.
- Meta stock jumped after reporting first-quarter results that beat Wall Street's estimates.
- US GDP increased less than expected in the first three months of 2023.
US stocks edged higher on Thursday as corporate earnings for mega-cap tech remained upbeat while US GDP growth came in below forecasts.
Meta Platforms stock jumped 14% after the social media giant's first-quarter results beat Wall Street's estimates. Meta followed strong earnings from Alphabet and Microsoft as well.
On the economic front, gross domestic product increased less than expected in the first three months of 2023, adding to concerns that a recession may be around the corner.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:
- S&P 500:4,084.47, up 0.7%
- Dow Jones Industrial Average: 33,453.59, up 0.46% (151.72 points)
- Nasdaq Composite: 11,974.16, up 1.01%
Here's what else is going on:
- Here are five ways to invest in the $6 trillion AI boom, according to Morgan Stanley.
- The US is experiencing a "freight recession," which means fewer trucks delivering goods across the country.
- Argentina will start buying the majority of its Chinese imports in yuan instead of dollars, the nation's economy minister said on Wednesday.
- Tesla lost $140 billion in market value in less than a month. Insider breaks down the EV maker's list of mounting problems.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil rose 0.5% to $74.72 per barrel. Brent crude, oil's international benchmark, dropped 0.5% to $78.08.
- Gold fell 0.2% to $1,991.40 per ounce.
- The yield on the 10-year Treasury rose seven basis points to 3.50%.
- Bitcoin dropped 2.5% $28,933.
Read the original article on Business Insider