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Stock market today: US stocks slip in cautious countdown to PCE print as bitcoin soars past $60,000

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Investors are playing it safe ahead of the crucial inflation reading that will guide hopes for interest rate cuts.

US stocks retreated on Wednesday, coming off a mixed close as caution prevailed ahead of a crucial inflation report that will guide expectations for interest rate cuts. The Dow Jones Industrial Average and the S&P 500 were down nearly 0.2%. The Nasdaq Composite sagged almost 0.4%. Stocks have struggled in February's final days as fresh economic data helped bring a market boosted by AI euphoria back to the reality of higher-for-longer interest rates.

In the meantime, a report on fourth quarter GDP showed the economy grew at a slightly slower pace than initally thought in the final three months of 2023. The second estimate of fourth quarter GDP came in at 3.2% on Tuesday, down from the initial reading of 3.3%. In other asset markets, bitcoin continued its roaring rally, breaking above $63,000 on Wednesday to come within striking distance of a fresh all-time high.

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