U.S. stocks turned lower Thursday as Wall Street struggled to rebound from four consecutive days of declines for the S&P 500 (^GSPC).
The benchmark U.S. equity index slipped 0.1% after rising at the start of the session, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The technology-heavy Nasdaq Composite (^IXIC) was off by 0.2%.
A batch of economic data hit traders’ desks before markets opened Thursday. The government’s second estimate of fourth-quarter GDP was downwardly revised to 2.7% compared to 2.9% reported last month in the preliminary reading, reflecting weaker consumer spending and higher inflation figures in the final three months of 2022.
Meanwhile, filings for unemployment insurance fell last week to 192,000, the Labor Department said Thursday. Economists surveyed by Bloomberg expected jobless claims to come in at 200,000.
In individual stock moves, shares of NVIDIA Corporation (NVDA) rallied 12% after the chipmaker reported fourth quarter results late Wednesday that beat analyst estimates, even as gaming revenue nearly halved from last year. The company said it would partner with artificial-intelligence platforms amid a boom in interest for the technology, spurring optimism about its growth prospects.
Shares of Lucid Group (LCID) tanked nearly 13% after the electric vehicle maker’s fourth-quarter earnings missed estimates, while a drop in preorders for its Air sedan signaled waning demand for its cars.
Alibaba (BABA) shares jumped 3.5% after the Chinese e-commerce giant unveiled better-than-expected quarterly results, benefitting from easing COVID-19 restrictions in the final three months of 2022.
Shares of Etsy (ETSY) were down more than 3% even after the online crafts marketplace reported revenue for the fourth quarter that topped Wall Street estimates, citing a boost from solid holiday shopping demand.
Meanwhile in the bond market, U.S. Treasury yields resumed their ascent, with the benchmark 10-year note topping 3.95% early Thursday.
NEW YORK, NEW YORK – FEBRUARY 22: Traders work on the floor of the New York Stock Exchange…