Wall Street today: S&P 500, Dow Jones, Nasdaq slip after fresh economic data

Wall Street key indices opened lower on Thursday as new economic data and comments from a Federal Reserve official dampened optimism surrounding the possibility of further rate cuts.

At the open, the Dow Jones Industrial Average fell 23.8 points, or 0.05%, to 46,097.43. The S&P 500 fell 29.8 points, or 0.45%, to 6,608.19​, while the Nasdaq Composite dropped 179.1 points, or 0.80%, to 22,318.766.

Official data released on Thursday showed US economic growth in the second quarter came in at 3.8%, up from the 3.3% previously estimated.

The upward revision of the second-quarter GDP growth is a significant development, showing stronger-than-previously-thought economic activity.

Markets now await Personal Consumption Expenditures (PCE) price index – the Federal Reserve-preferred inflation guage — to be released on Friday.

Gainers and Losers

Starbucks stock fell 0.4% as it announced it would cut about 900 jobs and shutdown some underperforming stores as part of a cost-cutting drive.

Citigroup shares declined 1.3% after announcing the sale of 25% of its Banamex Mexican subsidiary to Mexican tycoon Fernando Chico Pardo for $2.3 billion.