Major US stock market indices ended lower yesterday. The Nasdaq Composite slipped 1.4 per cent, as investor sentiment was weighed down by corporate quarterly earnings and concerns over AI-related spending. The S&P 500 declined 0.3 per cent and the Dow Jones Industrial Average lost nearly 0.3 per cent.
On the economic front, according to the advance estimate released by the US Bureau of Economic Analysis (BEA), third-quarter GDP increased at an annual rate of 3.4 per cent, up from 2.2 per cent in the second quarter of this year.
A separate report by the BEA showed that Personal Consumption Expenditures (PCE) price index rose 3.6 per cent year on year in September, up from 3.4 per cent in August. Core PCE inflation, which excludes food and energy prices, rose 3.1 per cent, up from three per cent in August.
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