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Stocks dipped modestly following a report indicating a marginal downward revision in the U.S. economic growth rate for the last quarter of the year.
This slowdown was attributed to a revision in inventory figures, despite evidence of robust household spending and investment.
The announcement precedes the release of the Federal Reserve’s preferred inflation measure, expected on Thursday morning.
Despite a generally downward trend on Wednesday, with all major equity indices in the red, the real estate sector emerged as a notable exception, outperforming other sectors.
UnitedHealth Group Inc. (NYSE:UNH) was the major laggard among mega-cap stocks, dipping over 4%, after the Department of Justice initiated an antitrust investigation on the America's largest health insurer.
Meanwhile, both the U.S. dollar and Treasury yields remained relatively stable.
Bitcoin (CRYPTO: BTC) stood out as the market’s brightest spot, gaining over 7% for the day to break above $61,000 amid strong ETF inflows. This surge brings the leading cryptocurrency within just 12 percentage points of its all-time high from 2021.
Major Indices | Price | 1-day %chg |
S&P 500 | 5,067.13 | -0.2% |
Dow Jones | 38,886.64 | -0.2% |
Russell 2000 | 203.25 | -0.4% |
Nasdaq 100 | 17,860.98 | -0.6% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.3% lower to $505.60, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.2% to $388.78 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) fell 0.6% to $434.78, according to Benzinga Pro data.
The Real Estate Select Sector SPDR Fund (NYSE:XLU), was the notable outperformer, up by 1.3%, while the Health Care Select Sector SPDR Fund (NYSE:XLE) lagged behind, down 0.9%.
Read now: Home Prices Set To Climb In 2024: Will Your Region Emerge As Winner Or Loser?
Image created using artificial intelligence with Midjourney.
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