Stock Market Today: Stocks Close Higher After GDP, Tesla Earnings
Government data showed the U.S. economy remained resilient at the end of 2023.


Stocks opened higher Thursday after data showed the U.S. economy remained strong in the final three months of 2023. However, the main indexes ran out of steam around midday, pressured by a negative earnings reaction for Magnificent 7 stock Tesla (TSLA).
Ahead of the opening bell, the Bureau of Economic Analysis said gross domestic product (GDP) increased at a 3.3% annual rate in Q4, quicker than the 2.0% economists were expecting but slower than Q3's 4.9% spike. GDP growth for all of 2023 was 2.5%, more than 2022's 1.9% rise.
The data points to an economy that remained resilient even as the Federal Reserve hiked interest rates to a 22-year high in order to tame red-hot inflation. The next Fed meeting kicks off Tuesday, with the central bank widely expected to keep rates unchanged.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, a string of economic reports recently has echoed today's data and lowered market assumptions for a March rate cut. Indeed, according to CME Group's FedWatch tool, futures traders are now pricing in a 49% chance the Fed will keep rates the same at its March meeting, up from 12% one month ago. The likelihood for a May rate cut is also now at 49%, up from last month's 12% probability.
Tesla stock spirals after earnings
In single-stock news, Tesla slumped 12.1% after the electric vehicle maker reported earnings. In the fourth quarter, TSLA disclosed earnings of 71 cents per share on $25.2 billion in revenue, while analysts were expecting earnings of 74 cents per share on $25.6 billion in sales. And while operating margin improved on a quarter-over-quarter basis to 8.2%, it was much lower than the 16% operating margin reported in the year-ago period.
Still, CFRA Research analyst Garrett Nelson kept a Buy rating on Tesla. While the analyst admits the earnings miss was "disappointing" and "uncharacteristic," the company's rumored plans to launch its mass market electric vehicle later this year "could be the catalyst the stock needs."
PARA pops on buzz the company could be taken private
Elsewhere, Paramount Global (PARA) – a member of Warren Buffett's Berkshire Hathaway equity portfolio – climbed 4.5% after media reports indicated the company is laying off employees. According to CNBC, Paramount CEO Bob Bakish wrote in a memo to employees that the Showtime parent's "priority is to drive earnings growth," and it will do so in part by operating "a leaner company." No details were given on how many job cuts there will be.
The layoff news comes on the heels of Wednesday's headlines that Skydance Media, the production company founded by David Ellison, is considering taking Paramount private. Skydance is reportedly in talks to buy National Amusements, a holding company owned by the Redstone family that is the majority stakeholder in PARA.
As for the main indexes, the Dow Jones Industrial Average added 0.6% to 38,049, the S&P 500 gained 0.5% to 4,894, and the Nasdaq Composite rose 0.2% to 15,510.
Related content
- Kiplinger's Earnings Calendar for This Week
- Home Sales Hit Lowest Level in Nearly 30 Years
- Netflix Password Sharing Fees: What You Need to Know
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Market Fees Could Be Costing You — Here’s How to Avoid Them
Some money market accounts charge more than they earn. Here's how to spot costly fees and choose smarter savings options.
-
The Role of a Mortgage Underwriter in Buying a Home
From fast-track approvals to manual reviews, here’s what to expect (and how to avoid delays) in the underwriting process.
-
Stocks Slide to Start September: Stock Market Today
Seasonal trends suggest tough times for the stock market as we round into the end of the third quarter.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
Stocks End Strong Month on a Down Note: Stock Market Today
There was likely a bit of profit-taking ahead of a historically weak September.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
S&P 500 Tops 6,500 Even as Nvidia Slips: Stock Market Today
The world's most valuable company closed lower after earnings, but the S&P 500 managed to notch a new record high.
-
Stocks Edge Higher With Nvidia, Fed in Focus: Stock Market Today
The AI bellwether reports earnings after today's close, while Wall Street is keeping a cautious eye on President Trump's attacks against the Fed.
-
President Trump Makes Markets Move Again: Stock Market Today
The White House is moving ahead with plans to reshape the Federal Reserve and to buy shares in more sectors and stocks.
-
Stocks Struggle to Start Nvidia Week: Stock Market Today
Another important week for the stock market starts on a risk-off note.