FOX Business: Capitalism Lives Here
A round of glum economic data sent U.S. stocks mildly into the red on Wednesday.
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As of 9:32 a.m. ET, the Dow Jones Industrial Average fell 18.5 points, or 0.11%, to 16801, the S&P 500 declined 1.2 points, or 0.06%, to 1949 and the Nasdaq Composite declined 7 points, or 0.16%, to 4343.
The broad S&P 500 sustained its biggest drop since June 12 on Tuesday, as energy stocks sold off. The markets appear to have stabilized on Wednesday as traders review the latest batch of economic data.
The U.S. economy contracted at an annual rate of 2.9% in the first quarter, the biggest drop since the first quarter of 2009, from a previous estimate of a contraction of 1%. Wall Street expected the world’s biggest economy to shrink by an annual rate of 1.7%.
The Commerce Department said orders for long-lasting goods dropped 1% in May, while Wall Street expected orders to remain unchanged from the month prior. Excluding the transportation component, orders fell 0.1% compared to a 0.4% gain economists anticipated.
Elsewhere, U.S. crude oil futures rose 42 cents, or 0.4%, to $106.45 a barrel. Wholesale New York Harbor gasoline dipped 0.66% to $3.105 a gallon. Gold slumped $6.40, or 0.48%, to $1,315 a troy ounce.