© Reuters
Investing.com – U.S. stocks fell on Wednesday as investors digested higher earnings data from U.S. companies along with disappointing growth data.
It is currently registering a decline of 0.12%, while falling by 0.37% and falling sideways by 0.05%.
As for the US dollar, it is stabilizing at 103.857 against a basket of foreign currencies led by the euro.
Gold prices (futures) were down 0.10% at $2042.15 an ounce, while prices were up 0.12% at $2033.02 an ounce.
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GDP data focuses on per capita consumption expenditure inflation
Investors are concerned about the possibility that the Fed will keep interest rates high for longer, so this week's focus is on key economic metrics that will inform the Fed's thinking going forward.
Data released earlier Wednesday showed the U.S. economy grew strongly in the fourth quarter amid robust consumer spending, but appeared to have lost some momentum at the start of the new year.
Gross domestic product rose at an annualized rate of 3.2% in the latest quarter, down slightly from the 3.3% pace previously reported and down from 4.9% growth in the previous quarter.
However, the personal consumption expenditure price index, the central bank's preferred measure of inflation, is the most anticipated release of the week on Thursday, taking into account the central bank's interest rate expectations.
Several Federal Reserve officials are also set to speak in the coming days, with several officials insisting the bank is in no rush to ease monetary policy.
Strong revenue growth beyond meat
Q4 earnings continued to increase as the season ended.
Shares of DJX Companies fell 0.2% after the retailer posted better-than-expected sales growth in the fourth quarter, but offered weak forward guidance.
Salesforce leads post-lockdown billing with quarterly numbers
Elsewhere, BYND jumped more than 55% after reporting forecasts of better-than-expected quarterly revenue and stronger margins.
E-commerce platform eBay rose 6% on stronger-than-expected revenue, while Ambarella (NASDAQ: AMBA ) rose 8% on a smaller-than-expected loss.
On the flip side, online dating company Bumble ( NASDAQ:BMBL ) lost 10% on weak earnings guidance, while Urban Outfitters ( NASDAQ:URBN ) fell 8% on disappointing earnings.
A decrease due to the build-up of large US inventories
Oil prices rose on Wednesday as traders digested weaker-than-expected US GDP data, as well as a significant increase in US crude inventories.
By 09:35 EST, US crude futures were up 0.6% at $79.33 a barrel, while the contract was up 0.3% at $82.88 a barrel.
American Petroleum Institute data released on Tuesday showed U.S. crude inventories rose by 8.4 million barrels in the week ended Feb. 22, more than analysts had expected a gain of 1.8 million barrels.
Official inventory data is due later today, and has diverged somewhat from API data in recent weeks.
Also, U.S. crude fell 0.1% to $2,042.60 an ounce and was down 0.2% to 1.0825.
