Stock market today: Wall Street drifts as bitcoin bounces again
Stocks are drifting on Wall Street, and the S&P 500 is edging down by 0.1%
NEW YORK — U.S. stocks are drifting Wednesday and edging a bit lower from their all-time highs.
The S&P 500 was down 0.1% in midday trading, continuing a quiet and listless run since it set a record last week. The Dow Jones Industrial Average was down 69 points, or 0.2%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.5% lower a day after pulling within 0.1% of its record set in 2021.
Treasury yields were also holding relatively steady in the bond market after a report said the U.S. economy likely grew a touch slower at the end of 2023 than earlier estimated. The growth was nevertheless still solid, as the economy continues to defy expectations of a recession despite high interest rates meant to bring down inflation.
Nvidia was one of the heaviest weights on the market, dipping 1.4%. It’s been on a breathtaking run as it rides Wall Street’s frenzy around artificial-intelligence technology, which has raised criticism that its price has gone too far, too fast.
It and a small group of other huge stocks have been disproportionately responsible for the S&P 500's run to records, which is often a concerning signal, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Broad gains among a wide variety of stocks are typically a more favorable sign that strength can continue.
Bumble tumbled 9.6% after it reported weaker results for the latest quarter than analysts expected. The dating and friend-making app company, which recently revamped its leadership team, also gave a forecast for revenue this upcoming year that fell short of analysts’.
Boston Beer, the company behind Samuel Adams, slid 16.5% after
Read more on abcnews.go.com
