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Wall St rallies as Meta earnings offset economy worries

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The tech-heavy Nasdaq led a Wall Street rally on Thursday as a strong update from Meta Platforms outweighed concerns over slowing U.S. economic growth.

estimates for quarterly profit, thanks to sustained demand for its broadband services and higher theme park attendance.U.S. economic growth slowed more than expected in the first quarter as an acceleration in consumer spending was offset by businesses cutting back on inventory investment.

"If we're looking to the future, data does seem to be continuing to weaken. The good news is we do think a recession could be mild," said Brian Klimke, investment director at Cetera Investment Management. Despite slower growth, which mostly reflected a drag from weak inventory investment, the Federal Reserve is expected to raise interest rates by another 25 basis points next week.

Treasury yields moved higher across the board as investors weighed a showdown over the U.S. debt ceiling with economic data suggesting inflation could remain sticky despite a slowing economy.a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. The bill is expected to get stalled in the Senate.

 

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