|
Indexes stayed lower after minutes from the latest Federal
Reserve meeting showed officials agreed to take a cautious
approach to raising U.S. interest rates going forward.
U.S. central bank officials also said they would only raise
interest rates if progress in controlling inflation faltered,
according to minutes from the Oct. 31-Nov. 1 meeting.
Stocks had been rallying in recent sessions largely on the view
that the Fed may be done hiking rates.
"We've had a big move," said Michael James, managing director of
equity trading at Wedbush Securities in Los Angeles.
"The absence of anything to further drive the market higher
today is kind of leading to underwhelming price action and some
slight profit-taking," he said, ahead of quarterly results and
guidance from Nvidia after the closing bell.
Shares of Nvidia, considered a leader in artificial intelligence
chips, ended the regular session down 0.9%, and an index of
semiconductors fell 1.9%.
Nvidia's shares were down about 2% after the closing bell
following the company's quarterly report and guidance.
During the regular session, shares of Lowe's Cos fell 3.1% after
the home improvement chain projected a bigger drop in annual
comparable sales than previously expected and trimmed its profit
forecast for the year.
The Dow Jones Industrial Average fell 62.75 points, or 0.18%, to
35,088.29, the S&P 500 lost 9.19 points, or 0.20%, to 4,538.19
and the Nasdaq Composite dropped 84.55 points, or 0.59%, to
14,199.98.
The S&P 500 retail index was down 1.2% on the day.
Best Buy shares slipped 0.7% after the electronics retailer said
it expects a steeper drop in annual comparable sales.
Kohl's Corp shares dropped 8.6% after the company missed
third-quarter sales estimates.
Volume on U.S. exchanges was 9.40 billion shares, compared with
the 10.93 billion average for the full session over the last 20
trading days.
Declining issues outnumbered advancing ones on the NYSE by a
1.76-to-1 ratio; on Nasdaq, a 2.29-to-1 ratio favored decliners.
The S&P 500 posted 30 new 52-week highs and no new lows; the
Nasdaq Composite recorded 56 new highs and 125 new lows.
(Reporting by Caroline Valetkevitch; additional reporting by
Amruta Khandekar and Shristi Achar A; Editing by Maju Samuel,
Pooja Desai and David Gregorio)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
