S&P 500 tested new lows as traders reacted to the weaker-than-expected GDP data. The second estimate of the fourth-quarter GDP Growth Rate report showed that GDP increased by 2.4% quarter-over-quarter, compared to analyst consensus of 2.9%. Initial Jobless Claims remained below the 200,000 level, highlighting the strength of the job market.
Interestingly, the yield of 10-year Treasuries declined towards 3.90% after an unsuccessful attempt to get above the important 4.00% level, but this move did not provide enough support to stocks.
While most market segments are moving lower in today’s trading session, energy stocks managed to gain upside momentum as oil markets rebounded after yesterday’s sell-off.
NASDAQ pulled back towards the 12,000 level despite the strong performance of NVIDIA stock, which gained 13% after the strong earnings report. The company expects that AI boom will boost demand for its products.
eBay, which is down by 6%, is among the biggest losers in the NASDAQ today. The stock found itself under strong pressure despite beating analyst estimates on earnings and revenue as traders focused on the disappointing full-year outlook.
Dow Jones settled below the 33,000 level and gained additional downside momentum as the pullback continued.
Walmart stock remained under significant pressure as traders continued to sell shares of the leading retailer after the recent earnings report.
Chevron was the best performer among Dow Jones components today amid a strong rebound in the oil markets.
For a look at all of today’s economic events, check out our economic calendar.