This marks the GDP's second-straight contraction
A promising update from the U.S. Federal Reserve helped stocks surge yesterday, but futures are stalling out heading into Thursday's session after the second-quarter gross domestic product (GDP) reading fell 0.9% for its second-straight decline, further signaling a looming recession. Additionally, initial jobless claims came in at 256,000 for the week ending July 23 -- a 5,000 decrease but still above the anticipated 249,000. Futures on the Dow Jones Industrial Average (DJIA) are eyeing a 58-point drop, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also looking to open slightly below their respective fair values, thanks to disappointing earnings from Facebook-parent Meta Platforms (META).
Continue reading for more on today's market, including:
- The Big Tech giant brushing off an earnings blunder.
- Why this apparel stock could continue to crumble.
- Plus, discount airliner's takeover battle concludes; why solar stocks are jumping; and HOG revs up after earnings beat.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.26 million call contracts and 837,230 put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.66, and the 21-day moving average rose to 0.68.
- Hours after scrapping plans to merge with Frontier Group (ULCC), Spirit Airlines Incorporated (NYSE:SAVE) reached a deal to be bought by JetBlue Airways (JBLU) for $3.8 billion in cash, or $33.50 per share. The move comes after a drawn-out takeover battle, and helped SAVE add 4% in electronic trading. Year-to-date, Spirit Airlines stock is 11.2% higher.
- Shares of solar stocks are popping today, with Sunrun Inc (NASDAQ:RUN) and Sunnova Energy International Inc (NYSE:NOVA) boasting 11.4% and 15.6% premarket leads, respectively, after Democratic Senator Joe Manchin agreed to support a bill that would invest $369 billion in clean energy incentives. In 2022, RUN and NOVA are both sport deficits of slightly more than 30%.
- Harley-Davidson Inc (NYSE:HOG) is 5% higher ahead of the opening bell, after reporting top- and bottom-line beats for the second quarter. In addition, the motorcycle maker reaffirmed its prior full-year forecast. If today's gains hold, HOG will be on track for its fourth-consecutive winning week.
- Alongside day's jobs data, GDP data set to come out as well.

Stateside Fed Update Boosts Markets in Asia
Asian markets were mostly higher today, following the Fed’s rate hike decision stateside. Hong Kong’s Hang Seng was the only loser, shedding 0.2%. The South Korean Kospi added 0.8%, with a boost from Samsung’s second-quarter earnings, while Japan’s Nikkei rose 0.4%, and China’s Shanghai Composite tacked on 0.2%.
European markets are struggling for direction, as investors unpack a flood of corporate earnings, including a disappointing second-quarter report from Barclays after a costly trading error. London’s FTSE 100 is down 0.2%, while the French CAC 40 rises 0.07%, and the German DAX sheds 0.1%.