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Business News/ Markets / Stock Markets/  World markets today: US stocks dip ahead of inflation data
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World markets today: US stocks dip ahead of inflation data

At 09:35 a.m. ET, the Dow Jones Industrial Average was down 0.53 per cent, the S&P 500 was down 0.29 per cent, the Nasdaq Composite was down 0.42 per cent

Treasury yields were steady after a report showed US economic growth was slightly weaker than previously estimated in the fourth quarter last year. REUTERSPremium
Treasury yields were steady after a report showed US economic growth was slightly weaker than previously estimated in the fourth quarter last year. REUTERS

US stocks edged lower on Wednesday ahead of an inflation data due later in the week.

At 09:35 a.m. ET, the Dow Jones Industrial Average was down 204.74 points, or 0.53 per cent, at 38,767.67, the S&P 500 was down 14.78 points, or 0.29 per cent, at 5,063.40, and the Nasdaq Composite was down 66.84 points, or 0.42 per cent, at 15,968.46.

E-commerce platform eBay, outperforming the markets, rose 7.5 per cent after reporting stronger earnings.

Coinbase gained 3.7 per cent as bitcoin’s price continued rally.

Dating and friend-making app Bumble stock shed 4.4 per cent after it reported weaker quarterly results.

Urban Outfitters tanked 8.4 per cent after the retailer reported weaker results.

Novavax slumped 28.3 per cent after it posted a larger-than-expected fourth quarter loss.

At the opening bell, the Dow Jones Industrial Average fell 34.33 points, or 0.09 per cent, to 38,938.08. The S&P 500 opened lower by 10.98 points, or 0.22 per cent, at 5,067.20, while the Nasdaq Composite dropped 66.16 points, or 0.41 per cent, to 15,969.14.

Treasury yields were steady after a report showed US economic growth was slightly weaker than previously estimated in the fourth quarter last year.

GDP growth in the world's biggest economy was revised to an annual rate of 3.2 per cent in the final three months of 2023, from an initial estimate of 3.3 per cent released last month.

In Europe, Britain’s FTSE 100 edged down 0.7 per cent at 7,631.30 points. France’s CAC 40 lost 0.1 per cent at 7,942.68. Germany’s DAX edged up 0.1 per cent at 17,579.69.

Euro Stoxx 50 fell 0.1 per cent at 4,880.62.

In Asian stock markets, Hong Kong’s Hang Seng Index fell 1.5 per cent at 16,536.85. China's Shanghai Composite dropped 1.9 per cent at 2,957.85. 

Japan’s Nikkei 225 shed 0.1 per cent at 39,208.03.

Oil prices declined on Wednesday. Brent crude futures fell 76 cents, or 0.91 per cent, to $82.89 a barrel by 1227 GMT. US West Texas Intermediate futures (WTI) were down 83 cents, or 1.05 per cent, at $78.04. 

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Published: 28 Feb 2024, 08:26 PM IST
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