Stock market news today: Nasdaq leads stock slide as Big Tech comes under pressure

Stock losses continued to accelerate, although bounced off session lows, as investors digest the impact of disappointing Big Tech earnings reports, coupled with rising bond yields.during the period, faster than consensus forecasts.

But the surge in activity does not necessarily mean the economy is reaccelerating, according to economists. EY Chief Economist Gregory Daco agreed, writing in a note on Thursday,"While these signs of economic strength will fuel speculations that the economy is reaccelerating, we do not expect such strong momentum will be sustained."

"While this is not good news for the Federal Reserve, the fact that the disinflationary process continued on a year-earlier basis could take some pressure off," Raymond James' Chief Economist Eugenio Aleman wrote.for the fourth quarter — despite beating Q3 estimates on both the top and bottom lines. Meta CFO Susan Li pointed to"greater uncertainty and volatility ahead" as geopolitical tensions rise in the Middle East and beyond.

Saperstein, who had been co-president alongside Pick, will keep his co-president title and also become head of wealth and investment management. Simkowitz will also get a co-president title and become the head of institutional securities. Gorman, 65, will become executive chairman.

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