XLRE - US Stocks Sink VIX Soars As Overheated Economy Mixed Earnings Complicate Fed's Path: What's Driving Markets Thursday? | Benzinga
Wall Street experienced a significant downturn Thursday as volatility surged, triggered by a shift in risk sentiment following a combination of mixed earnings reports and stronger-than-predicted economic data, with the latter reviving concerns for an additional rate hike down the road.
The U.S. economy exhibited robust growth, expanding at an annualized rate of 4.9% in the third quarter, surpassing expectations of 4.3%. This achievement marks the strongest growth rate since the fourth quarter of 2021 and one of the most robust performances of the pre-pandemic decade.
The technology sector bore the brunt of the market decline, with tech giants falling in unison. This decline followed Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) disappointing earnings report and Meta Platforms, Inc.‘s (NASDAQ:META) warning of weaker guidance for the fourth quarter due to the ongoing conflict in the Middle East.
Market observers are now closely tracking a series of upcoming earnings reports, including Amazon.com, Inc. (NASDAQ:AMZN), set to release its quarterly results after the market closes.
Cues From Thursday’s Trading
The S&P 500 Index fell 1.3%, the Nasdaq 100 tumbled 1.9% and the Dow Jones Industrial Average 0.7%. Small caps rose 0.1%.
Index Performance (+/-) Value
Nasdaq 100 -1.87% 14,113.17
S&P 500 Index -1.15% 4,144.17
Dow Jones Industrial -0.72% 32,824.72
Russell 2000 +0.09% 1,652.11
Thursday Trading In Major US Equity ETFs:
- The SPDR ...