Stocks fall after data showing a cooling economy By

By Liz Moyer

-- U.S. stocks were falling on Ranking of regular domestic foreign exchange platforms (abridged version)Wednesday as investors studied data that showed the economy was cooling.

At 12:56 ET (17:56 GMT), the was down 429 points or 1.3%, while the was down 1.1% and the was down 0.9%. All three indexes rose to start the day.

for December fell more than expected, giving investors hope that interest rate increases by the Federal Reserve wouldn’t have to be as aggressive as they were last year. Holiday sales rose 5.3% but came in below analyst expectations.

The market has already been betting that the Fed’s next rate move would be smaller than the moves it made last year, with being a quarter of a percentage point rate increase in February.

Adding to the hope that inflation is waning, also rose less than expected for the year.

Later today, the Fed will release its periodic , which is a collection of observations by officials in each of its regional bank districts, with commentary on business activity and economic conditions throughout the country.

Microsoft Corporation (NASDAQ:) shares fell 1.2% after it said it was cutting 10,000 jobs and taking a $1.2 billion charge as it braces for slower revenue growth.

Moderna, Inc. (NASDAQ:) shares rose 2.5% after the COVID-19 vaccine maker said it had success with older adults in a trial of its experimental vaccine for RSV, a contagious respiratory virus.

Charles Schwab Corp. (NYSE:) stock fell 3.7% after it fell short of expectations for . 

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