Stocks fell from record highs set earlier Thursday as the 10-year yield followed the stronger-than-expected GDP report, offset blockbuster tech earnings.
The Dow Jones Industrial Average 44 points, or 0.13%, while the S&P 500 and Nasdaq Composite were higher by 0.15% and 0.39% respectively.The Dow dropped as much as 436 points before pulling back as the yield on 10 - year that year rose as many as 7 basis points to 1.69%.
The initial gains, which ran both the S&P and the Nasdaq to intraday all-time highs, came after data released by the Commerce Department on Thursday showed that the U.S. economy grew in the first three months of the year, exceeding the 6.1% increase that analysts surveyed by Refinitiv were expecting.
On Wednesday night, President Biden delivered his first address to a joint session of the Congress, laying out his plans for trillions of dollars of spending and tax increases on the wealthy.
Looking at the stock market, Apple Inc. reported quarterly sales from a year ago increased 54% when all its product categories saw double-digit growth.The iPhone maker hiked its quarterly dividend by 7% and said that it would buy back an additional $90 worth of its shares.
Facebook has beat on both the bottom and top lines, fueled by a 30% increase in the average ad price.The company's users in the U.S. and Canada maintained steady at 195 million daily active users.The stock touched a fresh record last week.
McDonald's Corp.'s net revenue topped pre-pandemic levels as the same-store sales at U.S. McDonald's grew 13.6% during the quarter.Moreover, global COVID-19 sales increased by 7.5% as some countries extended their same-store lockdowns.
Caterpillar Inc. topped Wall Street estimates for revenue and sales as the reopening of the economy boosted demand for construction equipment.CEO Jim Umpleby said the other equipment manufacturer has so far been able to navigate the supply chain disruptions that have impacted heavy equipment manufacturers.
The Ford Motor Co. said that global chip shortage could cause production to be cut in half during the current quarter and cost $2.5 billion this year.Both earnings and revenues topped analyst estimates.
West Texas Intermediate crude oil slid to $64.62 per barrel in commodities and gold jumped $5.90 to $1,768 an ounce.
Asian markets rallied across the board with Japan's Hang Seng 225 shedding 0.21%, China's Shanghai Composite Index up 0.52% and Hong Kong's Nikkei 225 index gaining 0.8%.