Investors wondering why stocks are up today have a couple of pieces of news worth catching up on.
First off, stocks are up today thanks to several large corporations releasing earnings reports. This includes Meta Platforms (NASDAQ:META), which beat Wall Street’s estimates for the first quarter of 2023.
Prior to that, other tech giants released earnings reports earlier this week. Both Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) released results after markets closed on Tuesday. Both of these tech behemoths beat estimates with their reports.
Seeing these big tech companies beat estimates for Q1 is raising morale among investors. The news is serving as a potential sign that companies are better ready to weather a rough economy.
What’s Happening With the Economy?
The latest evaluation of U.S. gross domestic product (GDP) data shows the economy slowing down in the first quarter of 2023. That’s based on estimates made by the Bureau of Economic Analysis.
Economic growth during the quarter was 1.1%, which is less than what experts were predicting. That comes after 2.9% and 3.2% gains in the prior two quarters. This has some analysts predicting that a recession will take place in the second half of 2023.
John Leer, Morning Consult Chief Economist, said the following to Yahoo Finance:
“While private investment may pick back up later this year, it tends to be highly volatile from quarter to quarter. Without a robust consumer, we’re likely to see more volatility and uncertainty in economic activity through the end of the year.”
Investors looking for more of the most recent stock market news will want to keep reading!
We’ve got all of the latest stock market news ready to go on Thursday! A few examples include why shares of QuantumScape (NYSE:QS), Tesla (NASDAQ:TSLA) and Eli Lilly (NYSE:LLY) stock are moving today. You can catch up on that news below!
More Thursday Stock Market News
- QS Stock Alert: QuantumScape Shares New Details on Commercial Timeline
- Cathie Wood Doubles Down on Tesla (TSLA) Stock After Earnings
- LLY Stock Alert: Mounjaro Takes Eli Lilly to the Next Level
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.