Q3 GDP Revs Up As PCE Inflation Gets Hotter; S&P 500 Falls (Live Coverage)

Third-quarter GDP was reported stronger than expected, while the Personal Consumption Expenditures (PCE) price index came in hotter, and the S&P 500 declined in live trading. The transmission channel runs through inflation repricing: firmer growth combined with elevated PCE readings reduces the probability of near-term Federal Reserve rate cuts, lifting Treasury yields and compressing the present value of long-duration equity cash flows. Growth-sensitive and rate-sensitive equities, particularly high-multiple technology and small-cap names that depend on cheaper financing, are the most exposed, while the rate-sensitive Treasury curve and the dollar are likely to respond to the shift in policy expectations. The next catalyst traders will watch is the upcoming Consumer Price Index release, since a second hot inflation print would reinforce the case for a higher-for-longer rate path and test the index's recent support levels.

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