Technology stocks helped pull stocks lower on Wall Street Wednesday, handing the market its first loss in more than a week.
The S&P 500 fell 0.4%, even though more stocks in the index notched gains than ended lower. The loss snapped a seven-day winning streak for the benchmark index.
The Dow Jones Industrial Average fell 0.3%, its first loss after five gains. The Dow and S&P 500 remain near the all-time highs they set on Tuesday.
The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6%.
Losses for tech heavyweights like Nvidia, Microsoft and Broadcom were the drag on the market. Semiconductor giant Nvidia fell 1.2%. Its huge value gives it outsized influence on market indexes. Microsoft fell 1.2% and Broadcom finished 3.1% lower.
Several personal computer makers also helped pull the market lower following their latest earnings reports.
HP sank 11.4% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slid 12.2% after its latest quarterly revenue fell short of Wall Street forecasts.
Gains for financial and health care companies helped temper the market’s losses. Berkshire Hathaway rose 0.9% and Merck & Co. added 1.5%.
All told, the S&P 500 fell 22.89 points to 5,998.74, while the Dow dropped 138.25 points to 44,722.06. The Nasdaq fell 115.10 points to 19,060.48.
Traders also had their eye on new reports on the economy and inflation Wednesday.
The U.S. economy expanded at a healthy 2.8% annual pace from July through September, according to the Commerce Department, leaving its original estimate of third-quarter growth unchanged. The growth was driven by strong consumer spending and a surge in exports.
The update followed a report on Tuesday from the Conference Board that said confidence among U.S. consumers improved in November, but not by as much as economists expected.
Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture.
Department store operator Nordstrom fell 8.1% after warning investors about a trend toward weakening sales that started in late October. Clothing retailer Urban Outfitters jumped 18.3% after beating analysts’ third-quarter financial forecasts. Weeks earlier, retail giant Target gave investors a discouraging forecast for the holiday season, while Walmart provided a more encouraging forecast.
Consumers, though resilient, are still facing pressure from inflation. The latest update from the U.S….
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