Stocks Volatile as Investors Weigh Strong GDP Growth Against Hawkish Fed Comments
• U.S. stocks pared gains Wednesday as investors weighed comments from a Fed speaker and JPMorgan's Jamie Dimon that tempered positive sentiment sparked by Q3 GDP growth.
• Q3 GDP growth was revised higher to 5.2% from 4.9%, beating expectations and signaling a possible soft landing for the economy.
• Treasury yields fell after the GDP estimate, as traders snapped up bonds on growth optimism.
• Sentiment later took a hit from Dimon, who said chances of a rate hike are higher than some think, and a Richmond Fed president arguing for keeping rate hikes open.
• The third quarter earnings season continued, with companies like NetApp, CrowdStrike, and GM gaining on earnings news.