By Yasin Ebrahim

-- The S&P 500 slipped Thursday, as a Meta-led slump in big tech offset a jump in cyclical sectors including industrials and energy stocks.

The fell 0.38%, the gained 0.88% or 280 points, the was down 1.45%.

Meta Platforms (NASDAQ:) fell 24% after reporting that missed on the bottom line and were an “absolute train wreck,” Wedbush said in a note.

The results reflect the “pervasive digital advertising doldrums ahead for Zuckerberg & Co. as they make the risky and head scratching bet on the metaverse,” it added.

Meta’s results arrived just a day after Alphabet (NASDAQ:) and Microsoft (NASDAQ:) reported underwhelming quarterly results. Apple (NASDAQ:) and Amazon.com (NASDAQ:) close the curtain on big tech earnings this week, with reports after market closes.

(NYSE:), however, provided plenty of optimism for investors after reporting better-than-expected quarterly as price hikes and higher sales volume bolster the heavy equipment company’s growth.  

Honeywell International (NASDAQ:), another industrial heavyweight, also on the bottom line, sending its shares more than 4% higher.

Boeing (NYSE:) jumped more than 5%, recovering some losses from a day earlier, when the aircraft maker a bigger than expected loss.

McDonald’s Corporation (NYSE:), a major Dow component, was up nearly 3% underpinned by better-than-expected amid rising customer traffic.

Energy stocks were driven more than 1% higher by rising oil prices, with (NYSE:), (NASDAQ:) and (NYSE:) leading to the upside.

On the economic front, meanwhile, the U.S. economy rebounded in the , growing at a 2.6% annualized rate, driven by a jump in exports though this is unlikely to persist given the stronger , RBC said.

[W]ith the Fed hiking interest rates “aggressively,” RBC expects, GDP growth to “slow in Q4 and a recession to follow next year.”

Treasury yields, however, continued to their retreat from recent highs with the slipping below 4% as investors continue to bet that the Fed is closing in on a peak level in rates.

“Over the last six hiking cycles, bond yields have typically peaked a couple of months before the peak in the Fed funds rate itself,” Oxford Economics said in a recent note.

“We are therefore likely nearing a peak in yields, which we expect to be around 4% at the end of this year.”