Technology companies led stocks lower on Wall Street Wednesday, ending a four-day winning streak for the market, after an economic report stoked worries about the health of the economy.
New data from the Commerce Department Wednesday showed the U.S. economy grew at an annual pace of 6.9% from October through December, slower than previous estimates and short of economists expectations. In a reversal from a day earlier, smaller company stocks fell more than the broader market. The Russell 2000 index skidded 42.03 points, or 2%, to 2,091.07.
Technology stocks were among the biggest weights on the broader market. Many of the companies in the sector have lofty values that tend to have an outsize effect on which way market indexes go. Chipmaker Nvidia fell 3.4%. Retailers also fell. Home Depot slipped 2.9%. Bond yields have been mostly rising this year as Wall Street prepares for a shift in policy from the Federal Reserve. The central bank, along with its global counterparts, is raising benchmark interest rates to help fight persistently rising inflation.
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Wall Street shakes off a midday slump and ends higherStocks indexes bounced back from a midday slump on Wall Street to finish higher Monday, adding to the market's recent winning streak despite lingering worries about the resilience of the global economy amid surging inflation and geopolitical tensions.
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