U.S. Treasury Secretary Bessent said GDP data was very strong.

S&P 500 opened down 29.97 points, or 0.39%, at 7,714.01 on Thursday, Oct. 29; Nasdaq Composite opened down 357.22 points, or 1.35%, at 26,192.63; Dow Jones Industrial Average opened down 228.86 points, or 0.44%, at 52,246.24.

Oxford Economics says the US economy remains strong but growth is uneven. Q3 GDP rose 3.4%, above analysts’ expectations, reflecting continued AI-driven investment. The firm says private fixed investment is rising sharply as AI infrastructure is built and expects growth to remain unusually dependent on corporate investment over the next few quarters. It adds AI-related wealth effects also supported part of Q3 consumption. Oxford warns this investment dependence is a risk: post-investment booms tend to produce longer, deeper recessions.