U.S. Stocks May Turn In Another Mixed Performance In Early Trading

After spending much of the previous session on opposite sides of the unchanged line, the major U.S. stock indexes may turn in another mixed performance in early trading on Thursday.

The major index futures are currently pointing to a mixed open for the markets, with the Dow futures up by 0.8 percent and the Nasdaq futures down by 0.5 percent.

The Dow futures jumped following the release of a Commerce Department report showing U.S. economic activity rebounded by slightly more than expected in the third quarter following two straight quarters of contraction.

The report said real gross domestic product shot up by 2.6 percent in the third quarter following a 0.6 percent drop in the second quarter and a 1.6 percent slump in the first quarter. Economists had expected GDP to jump by 2.4 percent.

The Commerce Department said the rebound in GDP reflected increases in exports, consumer spending, non-residential fixed investment, federal government spending and state and local government spending,

The data may offset recent concerns about an impending recession but may also derail recent optimism about the Federal Reserve slowing the pace of interest rate hikes.

Meanwhile, a steep drop by Meta Platforms (META) is likely to weigh on the tech-heavy Nasdaq, with the Facebook parent plunging by 22.6 percent in pre-market trading.

The sharp decline by shares of Meta comes after the company reported weaker than expected third quarter earnings and provided disappointing guidance.

After closing sharply higher for three straight sessions, the major U.S. stock indexes went on a roller coaster ride over the course of the trading day on Wednesday.

The tech-heavy Nasdaq showed wild swings after an early sell-off before eventually ending the session down 228.12 points or 2.0 percent to 10,970.99.

The S&P 500 also slid 28.51 points or 0.7 percent to 3,830.60, while the narrower Dow inched up 2.37 points or less than a tenth of a percent to a new one-month closing high of 31,839.11.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan’s Nikkei 225 Index dipped by 0.3 percent, while Hong Kong’s Hang Seng Index advanced by 0.7 percent.

The major European markets have also turned mixed on the day. While the U.K.’s FTSE 100 Index is up by 0.2 percent, the German DAX Index is down by 0.2 percent and the French CAC 40 Index is down by 0.7 percent.

In commodities trading, crude oil futures are advancing $0.81 to $88.72 a barrel after surging $2.59 to $87.91 a barrel on Wednesday. Meanwhile, after climbing $11.20 to $1,669.20 an ounce in the previous session, gold futures are slipping $4 to $1,665.20 an ounce.

On the currency front, the U.S. dollar is trading at 146.59 yen versus the 146.37 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0022 compared to yesterday’s $1.0081.