Major US equity indices witnessed a mixed opening on the last trading day of the week as investors digested dismal US GDP print, showing the slowest pace of growth in 3 years.
According to the advance GDP report, the US GDP increased at a meager 0.7% annual pace in the first three months of 2017. The growth was much lower than 2.1% recorded in the last quarter of 2016 and lower-than consensus estimates, but market reaction to the report seemed muted as investors preferred to remain on the sideline in wake of a possible government shutdown.
Meanwhile, a goodish recovery in oil prices lifted energy stocks and helped limit any immediate corrective slide, at least for the time being.
At the time of writing, the Dow Jones Industrial Average down around 9-points to 20972, while the broader S&P 500 Index was little changed from yesterday’s close at 2,388. Meanwhile, strong tech earnings propelled the Nasdaq to a fresh record high level of 6,060, up nearly 10-points.