Check back for updates throughout the trading day
U.S. stocks remained lower in late Wednesday trading, while the dollar extended gains against its global peers and Treasury yields inched higher, as investors braced for an update on fourth-quarter GDP ahead of a key inflation report later in the week.
Updated at 3:12 PM EST
Final hour
Stocks are holding onto earlier declines into the final hour of trading, with the S&P 500 down 13 points, or 0.26%, while the Dow is off 105 points and the Nasdaq down 92 points, or 0.57%.
Apple (AAPL) was a notable late-day mover, falling 1.05% as CEO Tim Cook vowed to "break new ground" in AI technologies late this year during the tech giant's annual shareholders meeting.
Cook's comments followed reports that Apple has scrapped its decade-long ambition to develop an autonomous car, opting instead to shutter the unit and move its investment and talent into its nascent AI division.
Apple will 'break new ground' in generative AI this year, Tim Cook teases - 9to5Mac https://t.co/M2TymkLeCj
— AppleSite_ (@AppleSite_) February 28, 2024
Updated at 12:20 PM EST
Google suit
Alphabet (GOOG) shares slumped lower in mid-day trading, falling 2.1% to $136.00 each, after a group of European media companies filed a $2.3 billion lawsuit accusing the Google parent of abusing its position in the region's digital ad market.
"The media companies involved have incurred losses due to a less competitive market, which is a direct result of Google's misconduct," according to a statement from the plaintiffs, which includes Axel Springs, the Germany-based media giant that also owns Politico and Business Insider.
Wow, that's a hefty lawsuit for Google! It's going to be interesting to see how this unfolds with regards to their digital advertising practices. Btw, @Alphanso_AI has currently given $GOOG a rating of 9.8/10
— Michael Williams (@MichaelWil20607) February 28, 2024
Updated at 11:58 AM EST
Knocking on the door
Bitcoin prices are extending their earlier gains, rising another 8.8% on the session to trade at $62,105.70 each, the highest in more than two years and within touching distance of the December 2021 all-time highs.
Bitcoin $BTC > $62,000 https://t.co/H8OvKIqJTa
— Wall St Engine (@wallstengine) February 28, 2024
Updated at 11:43 AM EST
Europe lower
Stocks in Europe closed lower across the board Wednesday, with investors closely-tracking U.S. markets ahead of tomorrow's January PCE inflation report.
The region-wide Stoxx 600 ended 0.3% lower on the session, while Britain's FTSE was marked 0.7% down from yesterday's close.
Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule:
— DailyFX Team Live (@DailyFXTeam) February 28, 2024
Germany 40: 0.13%
France 40: -0.07%
US 500: -0.16%
Wall Street: -0.17%
FTSE 100: -0.61%
View the performance of all markets via https://t.co/2NUaqnUPED pic.twitter.com/HHBnTnKlGZ
Updated at 10:35 AM EST
Oil slick
Global oil prices gave back earlier gains following the Energy Department's weekly report on domestic crude supplies, which showed a bigger-than-expected 4.2 million barrel buildup in crude stocks and a 1.46 million increase at the main export hub in Cushing, Oklahoma.
WTI futures contracts for April delivery, which are tightly-linked to U.S. gasoline prices, were last marked 28 cents higher at $79.13 per barrel, after hitting a four month high during late Tuesday trading.
EIA details pic.twitter.com/Ef8iLqpr14
— Tracy (𝒞𝒽𝒾 ) (@chigrl) February 28, 2024
Updated at 10:03 AM EST
Soft open
Stocks drifted lower in the opening half hour of trading, with the S&P 500 down 17 points, or 0.34%, and the Dow off 200 points thanks in part to a big 4.5% pullback for UnitedHealth (UNH) .
The Nasdaq, meanwhile, was last marked 98 points, or 0.6% lower, with Apple down 0.7% and Nvidia (NVDA) falling 1.55%.
Updated at 8:50 AM EST
Bitcoin boom
Bitcoin prices topped the $60,000 mark for the first time since November of 2021, and look set to test the all-time high of around $68,789 it reached the following month.
“The approval and launch of spot Bitcoin ETFs, which track the price of the cryptocurrency directly rather than futures contracts, have provided institutional investors with a more accessible and regulated means of entering the crypto market, accelerating institutional adoption, and bringing more liquidity and stability to the market," said Nigel Green of London-based deVere Group.
#Bitcoin tops $60,000 for 1st time since Nov 2021, amid surging optimism that demand for the token is widening beyond committed digital-asset enthusiasts. iShares Bitcoin ETF manages >$8bn in assets after one and a half months. pic.twitter.com/wu9x7KFrA3
— Holger Zschaepitz (@Schuldensuehner) February 28, 2024
Updated at 8:40 AM EST
Solid growth, rising prices
The Bureau of Economic Analysis posted its second estimate of fourth quarter GDP, showing a growth rate of 3.2% for the final months of last year.
Overall inflation pressures, however, were also firming, with the BEA's fourth quarter tally of PCE price rising 1.7%, compared to a Street estimate of 1.5%, adding extra focus on tomorrow's January inflation report.
Stocks were little-changed in the wake of the release, with futures tied to the S&P 500 indicating a 12 point opening bell gain and those linked to the Dow suggesting a 90 point pullback.
BREAKING: The second reading of US Q4 2023 GDP comes in at 3.2%, below expectations of 3.3%
— The Kobeissi Letter (@KobeissiLetter) February 28, 2024
We are on track for 6 consecutive quarters of positive GDP growth.
We have not had 2 consecutive quarters with declining GDP since Q2 2022.
Is the Fed on track for a soft landing?
Updated at 8:25 AM EST
Beyond 'squeeze'
Beyond Meat shares are soaring in pre-market trading after posting a surprisingly strong set of fourth quarter sales figures and forecast a big boost in profit margins over the coming year.
The plant-based food group, one of the heaviest shorts in the market, is set to open 60% higher at $11.95 each.
Related: Analysts revamp Beyond Meat price targets as short squeeze sends stock soaring
Stock Market Today
Stocks ended modestly higher yesterday, with the S&P 500 eking out a 0.17% gain and the small-cap Russell 2000 index rising 1.3%, in an otherwise quiet session highlighted by solid demand for a $42 billion 7-year Treasury bond auction.
Benchmark yields were edging higher overnight, however, matching a move in the dollar, as investors looked to Thursday's reading of the Federal Reserve's preferred inflation gauge, the PCE Price Index, to further establish the central bank's rate path.
Ahead of that reading also comes the latest update on fourth-quarter GDP growth, which was last estimated at 3.3% and follows the Atlanta Fed's latest real-time reading of 3.2% for the current quarter.
The solid growth, alongside a resilient labor market, suggests inflation pressure could remain elevated well into the spring.
Benchmark 10-year Treasury-note yields were marked 2 basis points higher at 4.291% while 2-year notes were little changed at 4.681%.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.26% higher at 104.102.
In stocks, Ebay (EBAY) shares jumped 4.9% after the online marketplace posted better-than-expected fourth-quarter earnings, powered in part by solid holiday spending.
Beyond Meat (BYND) soared 66% after the plant-based-food company surprised investors with stronger-than-expected fourth-quarter sales and a boost in overseas revenue.
Apple (AAPL) shares were also in focus, slipping 0.16% after the tech giant unveiled plans to scrap its decade-long project to build an autonomous car, opting instead to shift the investment and talent to its nascent AI division.
Related: Analyst says Apple's latest move is a positive for Elon Musk's Tesla
AI-related stocks will also be in focus after the close of trading, with January-quarter updates from Snowflake (SNOW) and Salesforce (CRM) .
On Wall Street, stock futures suggest a modestly weaker open, with contracts tied to the S&P 500 indicating a 16 point decline and those linked to the Dow Jones Industrial Average suggesting a 115 point pullback.
Futures tied to the tech-focused Nasdaq, which is up 6.82% for the year, are priced for a 68 point decline.
In overseas markets, Europe's Stoxx 600 was marked 0.26% lower in Frankfurt, while Britain's FTSE 100 fell 0.66% in London.
Overnight in Asia, China stocks turned lower after a budget report failed to confirm hopes of significant stimulus from Beijing.
A weaker yen was unable to help the Nikkei 225 close in positive territory, with the benchmark falling 0.08% to 39,208.03 points.
Related: Veteran fund manager picks favorite stocks for 2024
