Stocks are closing higher on Wall Street Thursday as investors weighed fresh data showing that the U.S. economy shrank for a second consecutive quarter in the Spring.

The data heightened fears that the U.S. economy is already in or heading for a recession, but also stoked optimism that the Fed could temper its aggressive rate rises.

The S&P 500, the Dow Jones Industrial Average and the technology-heavy Nasdaq Composite each remain on track to end the week higher. Meta Platforms shares sank after the social media giant said that for the first time ever, its revenue fell last quarter.