Benzinga - by Piero Cingari, Benzinga Staff Writer.
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.
Monday's Performance In Major Indices, ETFs
| 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%.
Wednesday’s Stock Movers
- Axon Enterprise Inc. (NASDAQ:AXON) rose 14% as the company reported better-than-expected results last quarter.
- Boston Beer Company Inc. (NYSE:SAM) sank over 18% on disappointing quarterly results.
- Other companies reacting to earnings were eBay Inc. (NASDAQ:EBAY), up nearly 8%, Agilent Technologies Inc. (NYSE:A), up 4%, First Solar Inc. (NASDAQ:FSLR), up over 2%, Viatris Inc. (NASDAQ:VTRS), down 5%, Icahn Enterprises L.P. (NYSE:IEP), up 2%, Advance Auto Parts Inc. (NYSE:AAP), up 5.5%, Republic Services Inc. (NYSE:RSG), down 1%.
- Chinese ADRs fell across the board, following Baidu Inc.‘s (NASDAQ:BIDU) disappointing revenue results. Shares of the retail giant fell over 7%. Alibaba Group Holdings Ltd. (NASDAQ:BABA) fell 3.4%, JD.com Inc. (NASDAQ:JD) fell 4.4%, and PDD Holdings Inc. (NASDAQ:PDD) declined 2%.
- Companies reporting after the closing bell are Salesforce Inc. (NASDAQ:CRM), Snowflake Inc. (NASDAQ:SNOW), HP Inc. (NYSE:HPQ), Monster Beverage Corp. (NASDAQ:MNST), Dollar Tree Inc. (NASDAQ:DLTR), Okta Inc. (NASDAQ:OKTA), Paramount Global (NASDAQ:PARA) and Nutanix, Inc. (NASDAQ:NTXT).
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