Details of the 3Q GDP report gave some investors pause as US stocks traded mixed in the afternoon

Stocks were mixed in midday trading on Wednesday, with the S&P 500 swinging between modest gains and losses and the Nasdaq Composite retreating from the previous session’s closing high as investors continued to weigh details of the third-quarter US GDP report.

Wednesday’s GDP report “suggests that the economy has been more resilient than we expected,” said Ryan Jacobs, founder of Jacobs Investment Management, a consulting firm in Florida. “But inflation concerns may remain on the table for some time,” given the rise in imports and strong consumer spending noted in the same report.

“I think inflation is going to be an issue,” Jacobs said by phone. He added that if there is a further slowdown in the economy, “it will probably be in the fourth quarter.”