Stock Market Today: Dow Climbs as Caterpillar, Boeing Rally Offset Meta Meltdown By

By Yasin Ebrahim

-- The InstalmentsDow closed higher Thursday, as a rally in and Boeing cushioned the rout in tech after META delivered disappointing quarterly results. 

The gained 0.61% or 194 points, the was down 1.6% and the fell 0.55%.

Meta Platforms (NASDAQ:) fell nearly 25% after reporting that missed on the bottom line and were an “absolute train wreck,” Wedbush said in a note. The results reflect the “pervasive digital advertising doldrums ahead for Zuckerberg & Co. as they make the risky and head scratching bet on the metaverse,” it added.

Meta’s results arrived just a day after Alphabet (NASDAQ:) and Microsoft (NASDAQ:) reported underwhelming quarterly results. Apple (NASDAQ:) and Amazon.com (NASDAQ:) close the curtain on big tech earnings this week, with reports after market closes.

Caterpillar (NYSE:), however, provided plenty of optimism for investors after reporting better-than-expected quarterly as price hikes and higher sales volume bolster the heavy equipment company’s growth.  

Honeywell International (NASDAQ:), another industrial heavyweight, also on the bottom line, sending its shares more than 3% higher.

Boeing (NYSE:) gained 4.5%, recovering some losses from a day earlier, when the aircraft maker a bigger than expected loss.

McDonald’s Corporation (NYSE:), a major Dow component, was up about 3% underpinned by better-than-expected amid rising customer traffic.

Energy stocks were driven more than 1% higher by rising oil prices, with (NYSE:), (NASDAQ:) and (NYSE:) leading to the upside.

On the economic front, meanwhile, the U.S. economy rebounded in the , growing at a 2.6% annualized rate, driven by a jump in exports though this is unlikely to persist given the stronger , RBC said.

[W]ith the Fed hiking interest rates “aggressively,” RBC expects, GDP growth to “slow in Q4 and a recession to follow next year.”

Treasury yields, however, continued to their retreat from recent highs with the slipping below 4% as investors continue to bet that the Fed is closing in on a peak level in rates.

“Over the last six hiking cycles, bond yields have typically peaked a couple of months before the peak in the Fed funds rate itself,” Oxford Economics said in a recent note.

“We are therefore likely nearing a peak in yields, which we expect to be around 4% at the end of this year.”

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!