NEW YORK (AP) โ U.S. stocks are drifting Wednesday and slightly down from their all-time highs.
The S&P 500 was down 0.3% in afternoon trading, continuing a quiet, listless streak since setting a record last week. The Dow Jones Industrial Average was down 109 points, or 0.3%, as of 1:10 p.m. ET, and the Nasdaq composite was down 0.6% a day after coming within 0.1% of its record established in 2021.
Treasury yields also held relatively steady in the bond market after a report said the U.S. economy was likely to grow a little slower in late 2023 than previously estimated. However, growth was solid as the economy continues to defy expectations of a recession despite high interest rates aimed at reducing inflation.
Apple and Google's parent company, Alphabet, were among the heaviest weights in the market. Those stocks are among a small group that has been disproportionately responsible for the S&P 500's record run, which is often a worrying sign, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Broad gains across a wide range of stocks are typically a more favorable sign that strength may continue.
Bumble fell 13.2% after it reported weaker results for the latest quarter than analysts expected. The dating and friendship app company, which recently revamped its management team, also gave a lower revenue forecast for next year than analysts.
Boston Beer, the company behind Samuel Adams, fell 18.4% after reporting a bigger loss than analysts expected. She was injured by the fall of her Truly Seltzer.
Urban Outfitters fell 15.4% after the retailer reported weaker-than-expected results. The company, which also operates Anthropologie stores, said sales continue to weaken at its Urban Outfitters locations.
eBay helped limit losses for the market, which rose 7.9% after reporting stronger results than analysts expected. Agilent Technologies was another strong force driving the S&P 500 higher, rising 4.3% after beating both profit and revenue forecasts.
Coinbase gained 2.3% to continue its strong streak as the price of bitcoin continues to rise. New exchange-traded funds that make investing in bitcoins easier have sparked interest in the cryptocurrency; For example, BlackRock's iShares Bitcoin fund alone has grown rapidly to reach $7 billion in assets, for example.
That has helped the price of bitcoin surpass $61,000 for the first time since 2021. It is approaching its record high of nearly $69,000 after rising more than 40% so far this year.
Beyond Meat soared 42% even though it reported much weaker results for the latest quarter than expected. Its revenue was slightly better than expected after falling less than expected, and it said its profitability will likely rise through 2024.
Axon Enterprise, the company that makes Tasers, body cameras and other equipment, also reported a better-than-expected earnings report and its shares gained 14.2%. It also forecasts revenue growth of up to 24% this year.
In foreign stock markets, indices fell across much of Asia and Europe.
Shares fell 1.9% in Shanghai and 1.5% in Hong Kong. China's largest private property developer Country Garden said on Wednesday it faces a winding-up petition after failing to repay a term loan worth HK$1.6 billion ($204.5 million). The first hearing in the case is scheduled for May 17.
The move comes after China Evergrande, the world's most indebted property developer, was ordered into liquidation following a failed attempt to restructure $300 billion in late January.
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AP writers Matt Ott and Zimo Zhong contributed.
