Stocks Fall for Second Day as Tech Earnings Disappoint; GDP Grows Faster Than Expected but Peak May Have Passed

The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all fell again on Thursday, extending recent losses.

Poorly received earnings reports from big tech companies like Meta Platforms weighed on markets.

U.S. GDP grew at a 4.9% annualized pace in Q3, faster than expected, but signs of slowing inflation and consumer spending indicate the economy likely peaked.

Small cap stocks were a bright spot, with the Russell 2000 gaining 1.1%.

Treasury yields slipped lower, with the 10-year yield falling 3.2 basis points to 4.907%.