Stock market today: Wall Street drifts lower as bitcoin bounces even higher

NEW YORK (AP) — U.S. stocks fell Wednesday to move further away from their all-time highs.

The S&P 500 fell 8.42 points, or 0.2%, to 5,069.76, continuing its silent and apathetic streak since setting a record last week. The Dow Jones Industrial Average fell 23.39, or 0.1%, to 38,949.02. The Nasdaq composite sank 87.56, or 0.5%, to 15,947.74, a day after coming within 0.1% of its record set in 2021.

Treasury yields also fell in the bond market after a report said the US economy probably grew a little more slowly at the end of 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.

A 1.3% drop for Nvidia and a 1.8% drop for Google parent company Alphabet were two of the market's biggest weights. They are among a small group of Big Tech stocks that have been disproportionately responsible for the S&P 500's record run.

Such market concentration may be a worrying sign, according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Broad gains across a wide variety of stocks are typically a more favorable sign that market strength is sustainable.

Bumble fell 14.8% 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 revenue forecast for next year that fell short of analysts' expectations.

Boston Beer, the company behind Samuel Adams, fell 15.8% after reporting a bigger loss than analysts expected. She was harmed by the fall of her Truly Hard Seltzer.

Urban Outfitters fell 12.8% 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. Axon Enterprise, the company that sells Tasers, body cameras and other equipment, also reported a better-than-expected earnings report and its shares rose 13.8%.

Coinbase gained 0.8% after rising earlier in the day to continue its strong run as the price of bitcoin continues to rise. New exchange-traded funds that make investing in bitcoin easier have sparked interest in the cryptocurrency, with BlackRock's iShares Bitcoin fund alone growing rapidly to $7 billion in assets.

The price of Bitcoin briefly surpassed $64,000 on Wednesday 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.

Coinbase CEO Brian Armstrong apologized to customers during the day for the problems they encountered because the company was "dealing with a HUGE increase in traffic" as the price of bitcoin skyrocketed. The company said some users may have seen a zero balance in their accounts and had errors when buying and selling.

Beyond Meat rose 30.7% despite reporting 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.

Agilent Technologies gained 3.4%, one of the biggest gains in the S&P 500 after beating both profit and revenue forecasts.

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 movement comes later China EvergrandeThe world's most indebted real estate developer was ordered into liquidation after a failed attempt to restructure $300 billion at the end of January.

In the bond market, the 10-year Treasury yield fell to 4.26% from 4.31% late Tuesday.


AP writers Matt Ott and Zimo Zhong contributed.

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