- Second estimate of Q3 US GDP rose to 2.1% from 1.9%.
- Defensive sectors post modest losses in early trade.
Wall Street’s main indexes started the day on a mixed note as investors are assessing the latest macroeconomic data releases from the United States. As of writing, the S&P 500 and the Nasdaq Composite were both flirting with all-time highs, adding 0.12% and 0.24% respectively, while the Dow Jones Industrial Average was down 0.05% on the day.
The US Bureau of Economic Analysis reported that the real Gross Domestic Product (GDP) grew 2.1% in the third quarter, higher than the market expectation and the previous estimate of 1.9%. Furthermore, Durable Goods Orders in October increased by 1.4% after declining by 1.4% in September.
Among the 11-major S&P 500 sectors, the defensive sectors, Real Estate and Utilities, are registering daily losses to suggest that investors are reacting positively to the data. On the other hand, the Communication Services Index is up 0.35% to lead the winners in the early trade.
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