U.S. stock indexes moved lower in early trading Thursday, giving up some of their gains from the day before. Technology stocks were down the most. Utilities, real estate companies and other high-dividend stocks also fell. Banks led the gainers after the Federal Reserve said they can buy back more stock and raise their dividends.
KEEPING SCORE: The Standard & Poor’s 500 index fell 7 points, or 0.3 percent, to 2,433 as of 10:11 a.m. Eastern time. The Dow Jones industrial average slid 23 points, or 0.1 percent, to 21,431. The Nasdaq composite lost 55 points, or 0.9 percent, to 6,178. The Russell 2000 index of small-company stocks gave up 1 point, or 0.1 percent, to 1,423. The stock market was coming off its biggest gain in two months.
ECONOMIC SNAPSHOT: The Commerce Department said that the nation’s gross domestic product, the broadest measure of economic health, increased at an annual rate of 1.4 percent in the first quarter. That’s better than the previous estimate of 1.2 percent and double the initial estimate of 0.7 percent. The upgrade reflects new-found strength in consumer spending and exports.
TECH SLIDE: Chipmaker Nvidia fell 2.7 percent as tech companies continued to struggle. The stock shed $4.08 to $147.67.
PARED DEAL: Rite Aid slumped 23.9 percent after Walgreens Boots Alliance ended its bid to buy its rival drugstore chain following resistance from U.S. regulators. Walgreens will now buy more than 2,000 stores, three distribution centers and inventory in a new deal. Rite Aid slid 93 cents to $3. Walgreens gained $2.32, or 3 percent, to $79.41.