Indeed, the American GDP contracted by 0.9% on an annual basis in the second quarter, against a consensus of +0.3%, which adds to the decline of 1.6% already recorded from January to March.
Meta Platforms (-5.22% to 160.72) announced gloomy forecasts on Wednesday evening after reporting a decline in quarterly revenue for the first time, amid the threat of a global recession and increased competitive pressure on its advertising sales.
Qualcomm (-4.54% to 146.45) forecast fourth-quarter revenue below market expectations due to an expected slowdown in the economy and demand for smartphones.
Automaker Ford Motor Company rose 6.14% to 14 after reporting better-than-expected Q2 results and confirming its full-year profit outlook, adding it was "actively" studying how to offset the rising costs.
The distributor of electronic products Best Buy (+ 4.7% to 77.99) issued a warning on its annual results because of a drop in spending by its customers with inflation.
The manufacturer of electric trucks Rivian Automotive (+ 5.73% to 33.85), announced a reduction of 6% of its workforce in order to optimize costs in a more difficult macroeconomic environment.
Mastercard (+2.67% to 352.45) reported a jump in profit in the second quarter, as increased cross-border spending driven by a strong upturn in overseas travel more than offset higher costs.
Pfizer (- 1.61% to 50.72) announced a 78% growth in its quarterly profit and confirmed its sales forecast of $54 billion in 2022 for its vaccine and its oral treatment for Covid-19.
Merck (-1.41% to 89.94) reported higher than expected profit and revenue for the.
Spirit (+ 5.6% to 25.66) accepted a takeover offer of $3.8 billion from its competitor Jetblue (- 0.36% to 8.37), an operation that will give rise to the fifth largest major American airline.
The maker of Marlboro cigarettes, Altria (-0.16% to 44) lowered the valuation of its 35% stake in the maker of e-cigarettes Juul Labs to $450 million, against $1.6 billion at the end of March and $12.8 billion at 2018.
Comcast (-9.13% to 39.41) said subscriber growth in its broadband and streaming businesses was flat in the second quarter.
Royal Caribbean (+8.42% to 37.85) reported second-quarter revenue of $2.18 billion, beating analysts' estimates of $2.11 billion.
The Dow Jones thus gained 1.03% to 32,529.63 points, the Nasdaq Composite 1.08% to 12,162.59 points, and the S&P 500 1.21% to 4,072.43 points.