LIVE MARKETS-US stocks little changed after data, but S&P 500 still eyes its highs

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US STOCKS LITTLE CHANGED AFTER DATA, BUT S&P 500 STILL EYES ITS HIGHS

The main U.S. stock indexes are little changed early on Tuesday after stronger-than-expected GDP data drove Treasury yields higher, weighing on heavyweight technology stocks.

Data showed the U.S. economy grew faster than expected in the third quarter, driven by robust consumer spending. Gross domestic product (GDP) increased at a 4.3% annualized rate last quarter vs. a 3.3% estimate.

Regarding the GDP data, Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management in Brookfield, WI said,

"Health care spending drove the GDP gains, which isn’t necessarily healthy. It is consistent with where employment gains has been, though."

Jacobsen added, "Businesses are eating through their inventories that they stocked up on earlier in the year, so we should see a topping-off of inventories going into 2026."

"A big number isn’t necessarily great news."

S&P 500 .SPX sectors are mixed with relatively modest changes. No one sector is now posting an absolute change of more than 0.4%.

Communication Services .SPLRCL, up around 0.4% is the biggest gainer, while Staples .SPLRCS, off only around 0.4%, is taking the biggest hit.

In a follow-through from Monday, S&P Financials .SPSY and the S&P 500 Banks Index .SPXBK are on pace for record closing highs.

Gold stocks .XAU were initially higher, but they have since fallen into negative territory.

Meanwhile, of note, at around 6,875, the S&P 500 index is down only around 0.4% from its 6,901 December 11 record closing high, and down less than 0.7% from its 6,920.34 October 29 record intraday high.

Here is a snapshot of where markets stood around 10:06 a.m. ET:

(Terence Gabriel, Chuck Mikolajczak)

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