NEW YORK, Oct 26 — Wall Street stocks were mixed early today following a blowout US economic growth report and a trove of uneven earnings.
US gross domestic product growth came in at an annual rate of 4.9 per cent for the July to September period, the quickest pace since late-2021.
The data reflects the lift from a strong US labor market—a welcome trend but one that could lead the Federal Reserve to keep interest rates higher for longer.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 per cent at 33,091.52.
The broad-based S&P 500 slipped 0.2 per cent to 4,179.95, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 14,328.88.
A tidal wave of earnings news produced mixed reactions in the market, with toymakers Hasbro and Mattel diving and drugmaker Merck and industrial heavyweight Honeywell International forging higher.
Facebook parent Meta Platforms slumped five per cent as the company warned of “volatility” in the advertising market, offsetting a more than doubling in quarterly profit.
Ford rose 0.7 per cent as it confirmed a tentative agreement with the United Auto Workers union, a key step that could end a labor strike at at least one of Detroit’s “Big Three” targeted by the union. — AFP
