Wall Street Today | GDP Revised Lower Before PCE Thursday

The artificial intelligence mania that fueled the stock market to record highs this year was taking a breather Wednesday. Shares of chip makers were among those posting declines. $NVIDIA(NVDA.US)$ shares were roughly flat.

Stock indexes fell. The $S&P 500 Index(.SPX.US)$ fell 0.17%, while the $Nasdaq Composite Index(.IXIC.US)$ fell 0.55% and $Dow Jones Industrial Average(.DJI.US)$ fell 0.06%.

Benchmark $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ fell below 4.3%.

Chinese indexes had another rough session. Hong Kong's $Hang Seng Index(800000.HK)$ and the Shanghai Composite fell at least 1.5%. Japan's $Nikkei 225(.N225.JP)$ retreated slightly after Tuesday's record close.

$C3.ai(AI.US)$ reported quarterly losses of $(0.13) per share which beat the analyst consensus estimate of $(0.28) by 53.57 percent. The company reported quarterly sales of $78.40 million, beating the analyst consensus estimate of $76.14 million by 2.97 percent.  This is a 17.60 percent increase over sales of $66.67 million last year.

$Coinbase(COIN.US)$ has seen a "large surge of traffic" that has led some of its users' accounts to appear to have a $0 balance, company CEO Brian Armstrong said Wednesday.  The Coinbases Support X account stated that there may be errors in buying and selling on the platform due to this, but said users' assets are safe. The glitch caused a fear-based 4% drop in Bitcoin.

$Lemonade(LMND.US)$ fell after the insurance company issued soft revenue guidance for the year and said it is ramping up its investments back into the company, a move that Lemonade warned will weigh on earnings in the coming quarters.

American depositary receipts of $Polestar Automotive(PSNY.US)$ Holding UK surged after the company said it had secured $950 million in outside funding.

$Boston Beer(SAM.US)$ reported big quarterly losses as shipments declined, raising concern on Wall Street about the stock. Late Tuesday, the brewer of Sam Adams and Twisted Tea said it shipped 1.5 million barrels of its drinks in the fourth quarter, a 12.2% decline from a year ago. Shipments declined from a year earlier in every quarter of 2023.