JPMorgan’s Top Large-Cap Pharma Stocks to Watch in 2026 
With preliminary Q3 2025 GDP growth clocking in at 4.3% quarter-over-quarter annualized, significantly above consensus expectations of 3.2–3.3% and accelerating from Q2's already robust 3.8%, the Bureau of Economic Analysis delivered a blockbuster upside shock. Driven by strong consumer expenditure (PCE up 3.5% annually), good exports, and greater government expenditure, the study combined initial and secondary projections based on previous government shutdown delays, even while residential investment shrank 5.1% and business investment softened. The outcome greatly supports the story of a strong U.S. economy despite sluggish labor market indicators (unemployment at 4.6%).
Durable good orders fell more than anticipated.
Durable goods orders fell 2.1% month over month in stark contrast to the GDP power, falling below the already dismal consensus projection of -1.5% and declining from prior months. With transportation equipment, machinery, and fabricated metals driving the downturn, core orders (ex-transportation) fell 0.8% against only a 0.2% drop. Rising inventories, tariff uncertainty, and softening demand appear to be weighing strongly on the manufacturing industry, therefore exposing weaknesses even as the larger economy powers ahead.
Dollars Rise, Crypto Holds Risk-On Ground: Markets Split
The 4.3% GDP beat at first boosted USD bulls and drove Treasury yields higher; however, it also tempered near-term Fed rate-cut expectations and so helped equities into the holiday season. But the deeper-than-expected durable goods shortfall gave USD bears breathing room, alleviating some of the stress on risk assets. For crypto investors, the mixed data cocktail—strong headline growth but obvious manufacturing softness—preserves a favorable backdrop for BTC and ETH, particularly if Treasury flows switch toward safety and the dollar weakens on the durables disappointment.
