2024-02-28 18:48:00
© Reuters
Investing.com – US stocks fell on Wednesday, as investors digested more earnings data from US companies alongside disappointing growth data.
It is currently recording a decline of 0.12%, while it is falling by 0.37%, and falling sideways by 0.05%.
As for the US dollar, it stabilizes at 103.857 once morest a basket of foreign currencies, led by the euro.
The price of gold (Future) decreased by 0.10% to $2042.15 per ounce, while prices rose by 0.12% to $2033.02 per ounce.
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GDP data, personal consumption expenditure inflation in focus
Investors remain concerned regarding the possibility that the Fed will keep interest rates at high levels for an extended period of time, so the focus this week has been on a series of key economic readings that might dictate the Fed’s thinking going forward.
Data released earlier Wednesday showed that the U.S. economy grew strongly in the fourth quarter amid strong consumer spending, but appears to have lost some speed early in the new year.
Gross domestic product rose at an annual rate of 3.2% in the latest quarter, revised down slightly from the previously reported 3.3% pace, and down from 4.9% growth in the previous quarter.
However, the Personal Consumption Expenditures Price Index, the Fed’s preferred measure of inflation, is the most awaited release of the week on Thursday, since it is likely to take into account the central bank’s interest rate expectations.
A number of Federal Reserve officials are also scheduled to speak in the coming days, following several officials stressed that the bank is in no rush to start easing monetary policy.
Beyond Meat rose on strong earnings
Q4 earnings continued to roll in as the season came to a close.
TJX Companies shares fell 0.2%, in choppy trading, following the retailer reported higher-than-expected sales growth in the fourth quarter, but provided weak forward guidance.
Salesforce leads post-lockdown billing with quarterly numbers.
Elsewhere, BYND rose more than 55% following reporting better-than-expected quarterly earnings, and forecasts of stronger margins as well.
E-commerce site eBay rose 6% on stronger-than-expected earnings, while Ambarella (NASDAQ:AMBA) rose 8% on a smaller-than-expected loss.
On the other hand, online dating company Bumble ( NASDAQ:BMBL ) lost 10% on weak revenue guidance, while Urban Outfitters ( NASDAQ:URBN ) fell 8% on disappointing earnings.
Decrease due to the build-up of large US inventories
Oil prices rose on Wednesday, as traders digested weaker-than-expected US GDP data as well as a significant rise in US crude inventories.
By 09:35 EST, US crude futures were trading 0.6% higher at $79.33 per barrel, while one contract rose 0.3% to $82.88 per barrel.
Data from the American Petroleum Institute, released on Tuesday, showed that US crude oil inventories increased by 8.4 million barrels in the week ending February 22, much more than analysts expected for an increase of 1.8 million barrels.
Official inventory data is due later today, and has deviated somewhat from API data in recent weeks.
In addition, it fell by 0.1% to $2,042.60 per ounce, while it fell by 0.2% to 1.0825.
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