S&P 500 Slides in Mega Slide in Meta Weights by

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By Yasin Ebrahim — The S&P 500 slipped Thursday, as a Meta-led slump in big tech offset a jump in cyclical sectors including industrials and energy stocks.

The dropped by 0.33%, and the gained 0.90% (288 points), while the was down 1.4%.

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 (NASDAQ.) close the curtains on big tech earnings this Week, with reports after markets 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, sent its shares 4% higher.

Boeing (NYSE 🙂 saw a more than 4 percent jump, recouping some losses from a day prior, when the aircraft maker suffered a greater than expected loss.

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

Rising oil prices drove energy stocks more than 1% higher, with Marathon Oil (NYSE:), Baker Hughes (NASDAQ: Valero Energy (NYSE:) Leading to the upside

According to RBC, the U.S. economy grew at 2.6% annually in the. This was driven by an increase of exports. However, this is unlikely for long given the stronger.

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

The Treasury yields have been falling from their highs and are now below 4%. This is because investors believe that the Fed will soon reach a peak rate.

“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.”

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