June 9, 2023


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Nasdaq Soars After Strong GDP Report, Tesla Jumps 8%

Nasdaq Soars After Strong GDP Report, Tesla Jumps 8%

The Nasdaq Composite Index rose on Thursday as traders moved through The latest batch of corporate earnings And the gross domestic product for the fourth quarter, which came in above expectations.

Stocks were mixed in early morning trade, with the technology-heavy index up 0.5%. The Dow Jones Industrial Average traded flat, while the S&P 500 rose 0.2%.

gross domestic product Data released on Thursday showed the economy expanding at an annual rate of 2.9% during the fourth quartersaid the Ministry of Commerce. That’s higher than the Dow Jones estimate of 2.8%, but it’s a slight slowdown from the third quarter’s reading.

“With today’s better-than-expected GDP number, I think investors are thinking maybe we can get away with a very mild and soft recession that is unlikely to send us into a deeper bear market when all is said and done,” he said. Sam Stovall, chief investment analyst at CFRA Research.

Meanwhile, earnings season continued strong Results from Tesla Give Nasdaq and Electric vehicle stocks impulse. Tesla It jumped 8% after publication Strong revenue and profit recording. The trading of troubled tech giants Microsoft, Apple, Amazon and Alphabet also rose slightly.

Airline earnings were also thrown in, with Southwest fell 5% on a larger-than-expected basis Loss Fueled by the holiday meltdown. American Airlines He fell though winning the fourth quarter. United and Delta also fell.

in another place, chevron Added 3% after the announcement of a $75 billion stock repurchase program.

All major averages trend towards weekly and monthly gains. The Dow Jones and the Standard & Poor’s are up 0.9% and 1.2% so far this week, respectively. The Nasdaq is up 1.9% this week and is on track for its best month since July.

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The focus now turns to Fed policy next week, when the central bank is widely expected to announce an increase of 25 basis points as it battles high inflation. Investors will be looking for an idea of ​​how far the Fed intends to hike before it cuts interest rates.