U.S. stocks edge downward as Wall Street takes a pause

NEW YORK - Wall Street’s main indexes fell slightly on Thursday as support from better-than-feared U.S. GDP data was countered by concerns about earnings and U.S.-China trade relations.

Commerce Department data on Thursday showed that while the U.S. economy missed a 3 percent annual growth target for 2018, a better-than-expected fourth quarter pushed gross domestic product up 2.9 percent for the year. Wall Street analysts now expect first-quarter earnings to fall 1.1 percent compared with Jan. 1 estimates for 5.3 percent growth, according to IBES data from Refinitiv.

“Unlike a month ago, where a statement by an official was probably sufficient to push stocks higher, it no longer is. It’s time for concrete progress,” said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York.The Dow Jones Industrial Average fell 69.16 points, or 0.27 percent, to 25,916, the S&P 500 lost 7.89 points, or 0.28 percent, to 2,784.49 and the Nasdaq Composite dropped 21.98 points, or 0.29 percent, to 7,532.53.

Booking Holdings Inc fell 10.96 percent after missing quarterly earnings expectations and was the biggest single-stock drag on the S&P. Also dragging on the S&P was HP Inc, which plunged about 17.3 percent after it reported revenue that missed analysts’ estimates.

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