- The economy grew by 2% in the second quarter in the United States.
- Concerns over the antitrust investigation weigh on Facebook shares.
- Latest political developments in Washington keep investors away from risky assets.
Wall Street’s main indexes started the day in the negative territory on Thursday as investors assess the potential impact of the latest political developments and the gross domestic product (GDP) data from the United States (US) on the markets. As of writing, the Dow Jones Industrial Average was down 0.1% on the day while the S&P 500 and the Nasdaq Composite were erasing 0.25% and 0.5%, respectively.
In its third estimate, the US Bureau of Economic Analysis reported that the GDP in the second quarter expanded by 2% on a yearly basis. Underlying details of the publication revealed that the contribution from business and household investment on the growth rate were revised lower.
Meanwhile, the US House Intelligence Committee on Thursday released a declassified version of the whistleblower’s statement, claiming that President Trump used his office to solicit interference from a foreign country ahead of the 2020 election to revive worries over the impeachment of President Trump.
Among the 11 major S&P 500 sectors, the Communication Services Index is down nearly 1% pressured by the heavy losses Facebook shares are suffering due to the reports suggesting that the company will go under an antitrust investigation.
Reflecting the sour market mood, the defensive Real Estate, Consumer Staples, and Utilities indexes are posting gains in the early trade.
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