US stocks lower despite strong GDP figure

By Ovunc Kutlu

ISTANBUL (AA) - US stock exchanges were lower on Thursday despite strong GDP figure that beat market expectations.

The Dow Jones was down 28 points, or 0.1%, to 33,009 at 10.26 a.m. EDT and the S&P 500 fell 24 points, or 0.58%, to 4,162.

The Nasdaq declined 149 points, or 1.17%, to 12,672 at the time.

The American economy expanded 4.9% in the third quarter of 2023, strongly beating market estimates of 4.3%, according to the Commerce Department's first and advance reading released earlier.

The VIX volatility index, also known as the fear index, rose 3.7% to 20.95. The 10-year US Treasury yield lost 1% to 4.908%.

The dollar index increased 0.3% to 106.82 while the euro lost 0.2% to $1.0540 against the greenback.

Precious metals were in negative territory, with gold losing 0.3% to $1,973 an ounce and silver trimming 1.6% to $22.49.

Oil prices declined around 2%, with global benchmark Brent crude at $88.55 per barrel and US benchmark West Texas Intermediate at $83.66.