stocks tumbled thursday after a strongerthanexpected us gross domestic product report showed that final thirdquarter growth came in at 32 against a consensus estimate of 29 the spdr sp 500 etf trust spy was trading down 128 after the open thursday what happened the federal reserve’s preferred inflation measure the personal consumption expenditures index was revised from 46 to 47 for the third quarter indicating that inflation pressures aren’t subsiding meaning the fed will likely will not be lowering interest rates into 2023 despite investor sentiment “real gdp turned up in the third quarter increasing 32 percent after decreasing 06 percent in the second quarter” according to the bureau of economic analysis “the upturn primarily reflected accelerations in nonresidential fixed investment and consumer spending a smaller decrease in private inventory investment and upturns in state and local as well as federal government spending that were partly offset by a larger decrease in residential fixed investment” futures tied to the dow jones industrial average fell 226 points or 067 sp 500 futures declined 082 while nasdaq100 index futures were 114 lower on receipt of the economic data “i’m leaning short on the equity markets” david tepper founder of appaloosa management said on cnbc thursday “the upsidedownside just doesn’t make sense to me when i have so many … central banks telling me what they are going to do” why it matters last wednesday the federal open market committee voted unanimously to raise the fed funds rate by 05 to a new range of between 425 and 45 the 05 rate hike marks a step down in tightening for the fed following four consecutive 075 hikes but economists expect the central bank will continue to raise interest rates in early 2023 in its ongoing battle against inflation  with thursday’s gdp data economists are likely to raise their interest rate expectations for the beginning of next year read next amc entertainment stock is tumbling whats going on