NEW YORK (AP) -- Wall Street fell modestly Thursday as investors collected profits amid nervousness about the government's second-quarter gross domestic product report. Concerns about another product delay at Microsoft Corp. weighed on the technology sector.

Robust earnings growth at major oil companies lifted stocks through most of the session, with Exxon Mobil Corp. posting the second-highest profit ever reported by a public U.S. company and Royal Dutch Shell PLC seeing a 40 percent jump in its income.

But the market resumed its recent erratic behavior as traders grew anxious about the Commerce Department's GDP reading on Friday. Stronger-than-expected growth could bring more interest rate hikes, while a number below estimates might be a sign the economy is slowing quicker than expected; the uncertainty prompted investors to play it safe and take money off the table.

"To have leadership come from great earnings in the energy and automotive sectors is not sufficient enough to move the market materially higher," said Joseph Battipaglia, chief investment officer at Ryan Beck & Co. "I think what has investors concerned is what's next for the economy and future rate hikes."

Mixed economic data created more confusion for Wall Street. A bigger-than-forecast drop in new home sales stirred fears of an economic collapse, but an upswing in durable goods orders signaled persistently strong demand for manufactured products.

The Dow Jones industrial average lost 2.08, or 0.02 percent, to 11,100.43, after rising as much as 85 points earlier. The Dow has barely budged since rising 230 points Monday and Tuesday.

Broader stock indicators also retreated. The Standard & Poor's 500 index dropped 5.20, or 0.41 percent, to 1,263.20, and the tech-heavy Nasdaq composite index fell 15.99, or 0.77 percent, to 2,054.47.

Bonds wobbled, with the yield on the 10-year Treasury note edging up to 5.04 percent from 5.03 percent late Wednesday. The U.S. dollar tumbled against the Japanese yen; gold prices surged to more than $645 per ounce.

Oil futures posted more gains amid caution about the Middle East conflict and pipeline snags at Shell's Nigerian operations. A barrel of light crude gained 60 cents to settle at $74.54 on the New York Mercantile Exchange.

Investors' excitement over strong earnings dissipated as they awaited the advance GDP reading for hints about the economy's health. Economic growth is forecast to slow to an annual rate of 3 percent from 5.6 percent in the first quarter.

"We just don't have anything to focus on right now," said Ryan Larson, senior equity trader at Voyageur Asset Management. "It's a real slow afternoon in the summer. Unfortunately, there's no one there to put money to work, and we trade lower on that."

Sales of new homes in June retreated 3 percent to 1.13 million, below economists' predictions of 1.16 million. Although a slowdown in the housing market has been expected, the sharp downturn stoked worries about whether prices were headed for a plunge.

However, orders for big-ticket manufactured items grew 3.1 percent in June after inching up 0.3 percent the previous month, the Commerce Department said. Commercial aircraft demand drove the increase, which topped estimates of 2.3 percent.

The Labor Department said first-time applications for jobless benefits dipped by 7,000 to 298,000 last week, compared with expectations for a 5,000 increase.

Tech stocks slumped as analysts weighed a Microsoft executive's statement that the release of its new Vista operating system remains on schedule but could be delayed again if the product isn't up to quality standards. Microsoft reversed course at midday and lost 50 cents to $23.87.

NEW YORK (AP) -- Stocks fell moderately in early trading Wednesday as investors took profits following two sessions of gains.

Positive earnings news from General Motors Corp. and Sun Microsystems Inc. wasn't enough to cheer nervous investors who, in months of choppy traded, have frequently met one day's advances with a selloff to lock in profits the next day.

Investors are slightly anxious over earnings season but much more nervous about the Aug. 8 meeting of the Federal Reserve, which could bring the 18th straight increase in the fed funds rate, the nation's benchmark interest rate. The markets are hoping that the Fed will then put its rate hike program on hold.

In the first hour of trading, the Dow Jones industrial average fell 27.53, or 0.25 percent, to 11,076.18 after rising a total of 230 points the first two days this week.

Broader stock indicators were lower. The Standard & Poor's 500 index fell 3.48, or 0.27, to 1,265.40, and the Nasdaq composite index fell 10.32, or 0.5 percent, to 2,063.58.