- Wall Street endured another volatile session as investors considered the Federal Reserve's path of interest-rate hikes while evaluating mixed economic data and conflicting earnings reports from major corporations.
- The S&P 500 finished lower after fluctuating between gains and losses for the majority of the session. The Nasdaq 100 index fell by more than 1%. After reporting disappointing earnings, Meta-platforms fell. Caterpillar shares, on the other hand, rose the most in two years after the bellwether company highlighted strong buyer demand.
- The market reaction to the US GDP data was mixed. The report showed that the US economy recovered after two quarterly contractions, easing concerns about an impending recession. However, it also highlighted that consumer spending is still under pressure due to inflation. Treasury bonds rose, with the 10-year yield falling below 4% on speculation of a Fed rate cut. The dollar reversed a two-day decline.
