Stock market today: Asian benchmarks mostly climb despite worries about US economycombining stubbornly high inflation with a flagging economy. A sharp drop in Facebook’s parent company, one of Wall Street’s most influential stocks, also hurt the market.
That undercut a hope that’s sent the S&P 500 to record after record this year: that the economy can avoid a deep recession and support strong profits for companies, even if high inflation takes a while to get fully under control. Thursday’s economic data will likely get revised a couple times as the U.S. government fine-tunes the numbers. But the lower-than-expected growth and higher-than-expected inflation is “a bit of a slap in the face to those hoping for a ‘no landing’ scenario,” said Brian Jacobsen, chief economist at Annex Wealth Management.
The yield on the 10-year Treasury rose to 4.70% from 4.66% just before the report and from 4.65% late Wednesday.
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