US stocks fell slightly on Thursday as a variety of reports showed economic data that failed to impress. The S&P 500 dropped slightly 0.35% (9.82 points) while the Nasdaq followed suit with a 0.39% (29.36 points) loss. The Dow had the biggest losses percentage-wise as it sank 0.40% (103.81 points) by the time the session ended.
As far as components of the Dow go, Microsoft (MSFT) led the way with gains of 2.11%. Many companies were unable to see gains today, though. Walgreens (WBA) fell the farthest with a drop of 1.85%. DowDuPont (DWDP) wasn’t very far behind as it dropped 1.76%.
Atossa Genetics (ATOS) fell today, tumbling 4.63% by the time the markets closed.
Despite a rise in equities overnight fueled by optimism about a US-China trade deal, stocks slipped today after reports showed weak economic data. The Census Bureau’s figures for durable goods orders showed that the December numbers missed economist’s expectations. Based partly on these results, the Atlanta Fed decided today to lower its expectations for the 2018 fourth quarter GDP from 1.5% to 1.4%.
In a note from economist Michael Feroli, JPMorgan explained their revised expectations. “This morning’s durable goods report adds to our sense of downside risk to growth early in the year, and we are nudging lower our early estimate of real annualized GDP growth in Q1 from 1.75% to 1.5%.”
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