US stocks fell yesterday, Wednesday, as an upward revision to the gross domestic product eased fears of a recession, while statements by Federal Reserve officials raised questions about the duration of the Fed’s restrictive policy ahead of inflation data scheduled to be released early tomorrow, Thursday.
The Nasdaq index joined the Standard & Poor's 500 index in negative territory, while the Dow Jones index ended trading essentially unchanged.
Despite the weak movement of the indices during the past three sessions, the Standard & Poor's 500 index is still on its way to achieving the largest monthly percentage gains since July 2022.
Earlier in the session, the Commerce Department revised its preliminary estimate for third-quarter GDP upward, confirming the strength of the US economy, but this appears to give the Federal Reserve little reason to start cutting interest rates in the near future as long as inflation remains higher. Much higher than the target rate of 2%
In preliminary estimates, the Dow Jones Industrial Average rose 13.84 points, or 0.04%, to 35,430.82 points.
While the Standard & Poor's 500 lost 4.25 points, or 0.09%, to 4,550.64 points. The Nasdaq Composite Index also fell 23.27 points, or 0.16%, to 14,258.49 points.