Losses for several big technology companies pulled the stock market lower on Wednesday.
- The S&P 500 fell 33.62 points, or 0.6%, to 5,592.18, weighed down by drops in Nvidia, Apple, Microsoft, and Amazon.
- The Dow Jones Industrial Average, which was coming off two consecutive all-time highs, fell 159.08 points, or 0.4%, to 41,091.42.
- The Nasdaq composite fell 198.79 points, or 1.1%, to 17,556.03.
Nvidia, which fell 2.1%, was set to report its latest results after the closing bell.
Investors had a mixed batch of earnings and corporate financial updates to review. Nordstrom rose 4.2% after beating analysts' earnings expectations and raising its financial forecasts for the year. Rival Kohl's rose 0.3% after also beating analysts' earnings expectations. PVH, which owns the Calvin Klein and Tommy Hilfiger brands, fell 6.4% after giving investors a revenue forecast short of analysts' expectations. Food producer JM Smucker fell 5% after trimming its earnings forecast for the year. Super Micro Computer sank 19% for the biggest decline among S&P 500 stocks after the server technology company said it was delaying the filing of its annual report, the AP reports.
Investors are looking ahead to Friday, when the US government releases its latest data on inflation with the PCE, or personal consumption and expenditures report, for July. The hope is that the data shows inflation easing further—or at least stagnating—so that Fed officials remain comfortable cutting interest rates at their September meeting, as they've strongly suggested they would. Economists expect the PCE, which is the Fed's preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022. (More stock market stories.)
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