US GDP rises above expectations

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Market Overview
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Year To Date Performances:

1. In the third quarter, GDP experienced a substantial 4.9% annual increase, surpassing Wall Street's 4.5% prediction and marking the most significant rise since Q4 2022. This jump follows the 2% and 2.4% rises in the first and second quarters, respectively and signifies the fifth consecutive quarter of GDP growth. Meanwhile, initial job claims were slightly above expectations at 210K compared to the anticipated 207K. Despite the Federal Reserve's efforts to temper the economy using interest rates, the GDP keeps growing.

2. Amazon's earnings report on Thursday revealed a stunning revenue of $143.1 billion, outperforming the predicted $141.6 billion. Their earnings per share (EPS) was notably impressive at $0.93, surpassing the $0.60 estimate. Under CEO Andy Jassy's leadership, Amazon heeded Wall Street's call to enhance profit margins, leading to decisive cost-cutting measures. As a result, the company has downsized its workforce by 27,000 and curtailed some less lucrative endeavours over the past year. The e-commerce giant's main sector witnessed a 7% year-over-year growth, marking an uptrend from the previous quarter's 4% surge. Notably, the Q3 figures encompassed this year's record-breaking Prime Day event in July.

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4. Headlines

   1. The US has attacked two Syrian facilities that housed Islamic Guard troops as the potential for a wider conflict stemming from the situation in Gaza appears more likely.

   2. Jamie Dimon is selling $140M in JPMorgan shares.

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