Tech Shares Surge on Earnings; Treasuries Retreat: Markets Wrap
- US economic growth slowed more than forecast last quarter
- Upbeat Meta earnings boost S&P 500, Nasdaq 100 indexes
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US equities rose the most since January, while Treasuries retreated, after solid earnings from technology companies blotted out the impact of a report showing slowing economic growth and higher-than-forecast inflation.
The S&P 500 jumped 2.0% and the tech-heavy Nasdaq 100 rose 2.8% as a surge in advertising revenue helped Meta Platforms Inc. beat analyst estimates for profit, pushing the company’s shares 10% higher. Amazon.com Inc. and Intel Corp. were also higher in postmarket trading after releasing results.