US stocks kicked off Tuesday's session in a mixed mood, with the Nasdaq Composite managing a 0.2% gain while other major indices treaded water. But the real story of the morning came from the economic data: the US economy is growing faster than almost anyone expected.

The Dow slipped a barely noticeable 0.01% to 48,357.98, while the NASDAQ jumped 0.19% to 23,473.74. The S&P 500 also climbed into positive territory, gaining 0.15% to 6,888.53.

Economy Delivers a Beat

Here's the headline number that got economists' attention: US GDP grew at an annualized 4.3% rate in the third quarter, the strongest expansion in two years. That's a meaningful acceleration from the prior quarter's 3.8% and blew past the 3.3% consensus estimate. When the economy grows that much faster than expected, it tends to change the conversation about everything from Fed policy to corporate earnings prospects.

Sector Action

Communication services stocks led the charge Tuesday, climbing 0.9% to pace the market. On the flip side, consumer staples found themselves at the bottom of the leaderboard, sliding 0.4% as investors rotated away from defensive plays.

Big Individual Movers

While the major indices traded in a narrow range, individual stocks delivered the kind of volatility that makes day traders giddy.

PicoCELA Inc. (PCLA) shares rocketed 144% to $0.3045, though the company didn't announce specific news to explain the surge.

Highway Holdings Ltd (HIHO) jumped 78% to $1.48 after announcing it signed a nonbinding letter of intent with LeMALe Beteiligungs-GmbH to acquire a 51% stake in Germany-based Regent-Feinbau Adermann GmbH. The deal would give Highway a majority position in the German manufacturing operation.

Trinity Biotech PLC (TRIB) surged 62% to $1.45 following news that the company secured an order for 9 million TrinScreen HIV tests, a significant win for the diagnostics firm.

On the downside, Reviva Pharmaceuticals Holdings Inc (RVPH) got hammered, dropping 51% to $0.29 after the company disclosed a regulatory update following a pre-New Drug Application meeting with the FDA regarding brilaroxazine.

Starfighters Space Inc (FJET) shares fell 41% to $18.42, giving back a chunk of Monday's massive rally that saw the stock skyrocket over 300% to highs of $31.50. What goes up very fast often comes down pretty quickly too.

Haoxin Holdings Ltd (HXHX) dropped 42% to $0.75 after jumping around 274% the previous day, another example of momentum reversing course.

Commodities and Global Markets

In commodity markets, oil traded down 0.3% to $57.81 while gold gained 0.3% to reach $4,480.60. Silver showed particular strength, climbing 1.3% to $69.485, and copper rose 0.5% to $5.5365.

European markets painted a mixed picture. The eurozone's STOXX 600 advanced 0.4%, while Spain's IBEX 35 Index slipped 0.1%. London's FTSE 100 gained 0.1%, Germany's DAX 40 rose 0.2%, and France's CAC 40 dropped 0.1%.

Asian markets also closed mixed Tuesday. Japan's Nikkei 225 inched up 0.02%, Hong Kong's Hang Seng fell 0.11%, China's Shanghai Composite rose 0.07%, and India's BSE Sensex dipped 0.05%.

Economic Data Roundup

Beyond the blockbuster GDP number, other economic indicators offered a more nuanced picture. US industrial production increased 0.1% per month across October and November, showing modest but steady manufacturing activity. Meanwhile, US durable goods orders declined 2.2% month-over-month to $307.4 billion in October, a reversal from September's revised 0.7% growth.

The mixed bag of economic data suggests an economy that's growing solidly overall but with pockets of softness in specific areas, particularly in big-ticket manufacturing orders.