The Dow Jones Industrial Average (DJINDICES:^DJI) fell more than 90 points in morning trading on Wednesday. Microsoft (NASDAQ:MSFT) slipped alongside its index, while tech stocks Micron Technology (NASDAQ:MU) and Google (NASDAQ:GOOG)(NASDAQ:GOOGL) were active.
World Bank cuts estimate
The decline in the Dow Jones may have been prompted by the World Bank report that it expects the global economy to expand by just 2.8% this year, down from the 3.2% it projected in January. In particular, it cut its forecast for U.S. growth from 2.8% to 2.1%.
The World Bank characterized the global economy as having gotten off to a bumpy start early in the year, with bad weather in the U.S. and the situation in the Ukraine weighing on economic activity. Of course, the World Bank is only one institution, and its estimates are far from exact, but any possibility of weak economic growth could mean a difficult time for the stock market.
Microsoft falls after E3 showing
Microsoft's 0.3% drop was likely connected to the broader decline in the Dow Jones Industrial Average. Still, it's worth noting that it comes during the Electronics Entertainment Expo, the world's biggest video game trade show.
Microsoft presented before its console rivals on Monday, showing off a laundry list of upcoming titles it hopes will drive sales of the Xbox console. Most notable is The Master Chief Collection, which will bring four previous games in the Halo series to Microsoft's latest console, with improved graphics and better online play.
Unfortunately for Microsoft, the media wasn't particularly impressed with its showing, with several tech blogs labeling its competitors' upcoming games as more impressive.
Micron gets analyst boost
Shares of Micron were up 4%after the DRAM maker received a reiteration of an outperform rating from Credit Suisse and a price target upgrade from $30 to $50.. The bank believes that enterprise demand could soon boost DRAM sales significantly.
Also on Wednesday, Merrill Lynch initiated coverage on Micron with a buy rating, citing potential for Micron's DRAM pricing to increase as a shortage slowly develops.
Google buys another satellite company
Google shares were down nearly 1% early after it announced that it had acquired satellite company Skybox Imaging. Skybox's satellite imaging should allow Google to include better pictures in the popular Google Maps app.
Investors may be getting tired of the search giant's aggressive acquisition streak. In addition to Skybox, Google has acquired a number of entities in recent months, including Nest and Titan Aerospace.