NEW YORK (AP) — U.S. stocks are slipping Wednesday and drifting a bit lower from their all-time highs.
The S&P 500 was down 0.3% in early trading, continuing a quiet and listless run since it set a record last week. The Dow Jones Industrial Average was down 216 points, or 0.6%, as of 9:40 a.m. Eastern time , and the Nasdaq composite was 0.4% lower a day after pulling within 0.1% of its record set in 2021.
Treasury yields were also holding relatively steady in the bond market after a report said the U.S. economy likely grew a touch slower at the end of 2023 than earlier estimated. The growth was nevertheless still solid, as the economy continues to defy expectations of a recession despite high interest rates meant to bring down inflation.
Nvidia was one of the heaviest weights on the market, dipping 1.2%. It’s been on a breathtaking run as it rides Wall Street’s frenzy around artificial-intelligence technology, which has raised criticism that its price has gone too far, too fast.
Bumble sank 4.4% after it reported weaker results for the latest quarter than analysts expected. The dating and friend-making app company, which recently revamped its leadership team, also gave a forecast for revenue this upcoming year that fell short of analysts’.
Boston Beer, the company behind Samuel Adams, slid 13.2% after reporting a larger loss than analysts expected. It was hurt by declines for its Truly seltzer.
Urban Outfitters dropped 8.4% after the retailer reported weaker results than expected. The company, which also runs Anthropologie stores, said sales are continuing to weaken at its Urban Outfitters locations.
Helping to limit the market’s losses was eBay, which rose 7.5% after reporting stronger results than analysts expected. Agilent Technologies was another strong force pushing upward on the S&P 500, rising 3.9% after beating forecasts for both profit and revenue.
Coinbase gained 3.7% to continue its strong run as bitcoin’s price keeps rallying. New exchange-traded funds that make investing in bitcoin easier have raised interest in the cryptocurrency, and its price topped $60,000 for the first time since 2021. It’s still below its record of nearly $69,000.
BlackRock’s iShares Bitcoin fund alone has quickly grown to $7 billion in assets.
Beyond Meat soared 38% even though it reported much weaker results for the latest quarter than expected. Its revenue was slightly better than forecast, falling less than expected, and it said its profitability will likely increase through 2024.
Axon Enterprise, the company that makes Tasers, body cameras and other equipment, also turned in a better-than-expected profit report, and its stock gained 2.2%. It’s also forecasting growth in revenue of up to 24% this year.
In stock markets abroad, indexes fell across much of Asia and Europe.
Stocks fell 1.9% in Shanghai and 1.5% in Hong Kong. China’s largest private property developer, Country Garden, said Wednesday it’s facing a liquidation petition after failing to repay a term loan facility worth 1.6 billion Hong Kong dollars ($204.5 million). The first hearing in the case is scheduled for May 17.
The move comes after China Evergrande, the world’s most heavily indebted real estate developer, was ordered to undergo liquidation following a failed effort to restructure $300 billion in late January.
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AP Writers Matt Ott and Zimo Zhong contributed.
