US stocks slip

Wall Street ended slightly lower today as investors took profits amid nervousness about the US government’s second-quarter gross domestic product report. Concerns about another product delay at Microsoft weighed down the technology sector.

Robust earnings growth at major oil companies lifted stocks through most of the session, with Exxon Mobil posting the second-highest profit yet reported by a public US company and Royal Dutch Shell PLC seeing a 40% jump in its income.

But the market resumed its recent erratic behaviour as traders grew anxious about the Commerce Department’s GDP reading tomorrow. Stronger-than-expected growth could bring more interest rate hikes, while a number below estimates might be a sign the US economy is slowing quicker than expected; the uncertainty prompted investors to play it safe and take money off the table.

“To have leadership come from great earnings in the energy and automotive sectors is not sufficient enough to move the market materially higher,” said Joseph Battipaglia, chief investment officer at Ryan Beck & Co. ”I think what has investors concerned is what’s next for the economy and future rate hikes.”

Mixed economic data created more confusion for Wall Street. A bigger-than-forecast drop in new home sales stirred fears of an economic collapse, but an upswing in durable goods orders signalled persistently strong demand for manufactured products.

The Dow Jones industrial average lost 2.08, or 0.02%, to close at 11,100.43, after rising as much as 85 points earlier. The Dow has barely budged since rising 230 points on Monday and Tuesday.

Broader stock indicators also retreated. The Standard & Poor’s 500 index dropped 5.20, or 0.41%, to 1,263.20, and the tech-heavy Nasdaq composite index fell 15.99, or 0.77%, to close at 2,054.47.