U.S. stocks fell on Wednesday after traders digested a lower-than-expected initial reading of first-quarter GDP growth and the latest statement on monetary policy from the FOMC. At the closing bell, the Dow Jones Industrial Average and S&P 500 each dropped 0.4% and the Nasdaq Composite moved 0.6% lower.
Consumer and health care names led the way lower, while energy stocks rallied. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note added 4.3 basis points to, 2.047%. Crude oil added 2.5% to recent gains and the U.S. dollar index declined for the sixth straight day, losing 0.6%.
Salesforce.com (CRM) was the big winner of the session, gaining 11%. Bloomberg News reported that the company was working with financial advisers after being approached by a potential acquirer. Starwood (HOT) also moved more than 8% higher on Wednesday, after announcing it hired Lazard (LAZ) to help explore strategic alternatives.
In after-hours action, Yelp (YELP) is trading 14% lower, after management posted a surprise quarterly loss.
Looking ahead to Thursday morning, Celgene (CELG), Cigna (CI), Exxon Mobil (XOM), Teva Pharmaceuticals (TEVA) and Viacom (VIAB) headline the earnings calendar. On the economic front, we'll get a look at the employment cost index, personal income/spending and the weekly initial jobless claims before the opening bell.