Dismal earnings from Meta put the hurt on the Nasdaq today
The Dow strung its fifth consecutive win together on Thursday, adding 194 points after a better-than-expected gross domestic product (GDP) reading pointed to slowing inflation. The S&P 500 settled in the red after switching between gains and losses for most of the day, while the Nasdaq logged steep losses on the heels of Meta Platform's (META) dismal quarterly report.
Investors remain hopeful the market will rally within the next six months, though, per the latest American Association of Individual Investors (AAII) survey, which revealed bullish sentiment rose to 26.6% -- its highest level since August.
Continue reading for more on today's market, including:
- Unpacking Western Digital's mixed quarterly report.
- Bear notes galore for telehealth stock after earnings.
- Plus, diving deeper into META; blue-chip stock enjoying tailwinds; and keep tabs on this grocery stock.
The Dow Jones Average (DJI - 32,033.28) added 194.2 points, or 0.6% for the day. Caterpillar (CAT) led the gainers, adding 7.7%, while Intel (INTC) paced the laggards with a 3.5% loss.
The S&P 500 Index (SPX - 3,807.30) shed 23.3 points, or 0.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,792.67) fell 178.3 points, or 1.6% for the session.
Lastly, the Cboe Volatility Index (VIX - 27.39) added 0.1 point, or 0.4% for the session.
5 Things to Know Today
- Amazon.com (AMZN) last year donated $400,000 to a conservative nonprofit called The Independent Women’s Forum that opposed new antitrust legislation. (CNBC)
- As Elon Musk nears a Friday deadline to close a deal with Twitter (TWTR), he said the social media platform "cannot become a free-for-all hellscape." (MarketWatch)
- Meta Platforms stock hit multi-year lows on a dismal forecast.
- Rising energy and equipment prices drove Caterpillar's big win.
- This grocery stock is a solid premium-selling candidate.
GDP Reading Sends Gold, Oil in Opposite Directions
Oil prices settled higher on Thursday, marking their third consecutive win thanks to the better-than-expected quarterly GDP reading. December-dated crude gained $1.17, or 1.3%, to finish at $89.08 per barrel.
Meanwhile, gold prices pivoted lower from their best settlement in roughly two weeks. The GDP number had a negative effect on the safe haven asset. December-dated gold shed $3.60, or 0.7%, to close at $1,665.60 an ounce.