Stocks on Wall Street fell early Wednesday after data showed fourth-quarter U.S. economic growth was revised down slightly.
But Patrick O’Hare, an analyst at Briefing.com, said the stock market remains near all-time highs.
He said Wednesday’s weak trade was “unlikely to cause undue concern.” “In fact, people tend to think that’s normal…”
Stocks on Wall Street fell early Wednesday after data showed fourth-quarter U.S. economic growth was revised down slightly.
But Patrick O’Hare, an analyst at Briefing.com, said the stock market remains near all-time highs.
He said Wednesday’s weak trade was “unlikely to cause undue concern.” “Rather, this is likely to be seen as normal behavior in a fractured market.”
About 15 minutes into trading, the Dow Jones Industrial Average fell 0.5% to $38,794.17.
The broad-based S&P 500 index fell 0.3% to 5,064.85, and the tech-heavy Nasdaq Composite Index fell 0.6% to 15,947.73.
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The world’s largest economy’s gross domestic product (GDP) has been revised down to an annualized rate of 3.2% in the last three months of 2023, from an initial forecast of 3.3% announced last month.
This change reflects a downward revision in private inventory investment that was offset by an increase in consumer spending.
In recent months, enthusiasm for artificial intelligence and expectations for a 2024 interest rate cut by the Federal Reserve have pushed stocks higher.
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In recent weeks, market expectations that a Fed rate cut is imminent have waned.
Among individual companies, cryptocurrency exchange Coinbase Global rose 4.3% after Bitcoin surpassed $60,000, and U.S. securities regulators approved a new trading vehicle linked to Bitcoin in January. As a result, prices have approached record highs.
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