Stock markets fell Thursday despite stronger-than-expected US economic growth data as investors await key inflation figures later this week.

Wall Street opened in the red, deepening losses that began earlier this week as Federal Reserve chief Jerome Powell tempered expectations about the pace of interest-rate cuts.

The US government revised its second-quarter economic growth rate upwards on Thursday to 3.8 percent from 3.3 percent, as consumers spent more than expected.

But analysts are focused on Friday's release of the Fed's preferred gauge of inflation -- the personal consumption expenditure (PCE) index -- and next week's non-farm payrolls report.

"Despite today's solid GDP results, this week's major focus is on tomorrow's PCE report," said Bret Kenwell, US investment analyst at eTo

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