- Stocks ended at session lows, dragged down by concerns over what stronger than expected U.S. growth might mean for Fed policy as a better than expected headline Q3 GDP reading fostered renewed speculation about a potential tapering announcement coming sooner rather than later.
- Early gains sparked by a surprise rate cut from the European Central Bank quickly gave way to profit-taking, which accelerated into the close.
- The Nasdaq shed nearly 75 points, or 1.9%, weighed down by a disappointing Q3 report from Qualcomm and extended weakness from momentum names such as Tesla, Facebook and LinkedIn.
- Observers have been pointing to the divergence between the Dow and S&P, which both hit new highs early in the day, and the outsized declines in the Russell 2000 and Nasdaq in recent sessions.
- Treasury prices rose, pushing the benchmark 10-year yield down 4 bps to 2.61%.
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