NEW YORK (AP) — Stocks wavered in morning trading on Wednesday, as losses for several Big Tech companies offset gains elsewhere in the market.
The S&P 500 fell 0.1% in morning trading, even though far more stocks were rising than falling in the index. The Dow Jones Industrial Average rose 61 points, or 0.1%, as of 9:51 a.m. Eastern time. Both indexes set records on Tuesday.
The Nasdaq fell 0.4%
Losses for tech heavyweights like Nvidia and Microsoft were pulling the broader market lower. Several big personal computer makers fell following their latest earnings reports.
HP sank 9.7% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slumped 12.3% after its latest quarterly revenue fell short of Wall Street forecasts.
The U.S. economy expanded at a healthy 2.8% annual pace from July through September, according to the Commerce Department, leaving its original estimate of third-quarter growth unchanged. The growth was driven by strong consumer spending and a surge in exports.
The update follows a report on Tuesday from the Conference Board that said confidence among U.S. consumers improved in November, but not by as much as economists expected.
Treasury yields slipped in the bond market. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Tuesday. The yield on the two-year Treasury fell to 4.21% from 4.25% late Tuesday.
U.S. markets will be closed Thursday for Thanksgiving.