NEW YORK — U.S. stock indexes pulled back from their records as concerns about high interest rates weighed on the market. The S&P 500 fell 0.3% and the Nasdaq composite slipped 0.2% Wednesday, a day after both set all-time highs. The Dow Jones Industrial Average lost 0.5%.
And even though Fed Chair Jerome Powell said after that meeting that the Federal Reserve is more likely to cut rates than to hike them, the minutes said “various participants” were willing to raise rates if inflation worsens. They helped to counter a 23.7% leap for Petco Health & Wellness, which reported results and revenue for the latest quarter that were better than analysts feared.
Nvidia’s stock has grown into the third largest on Wall Street, making it one of the most influential stocks in the market. It will need to keep delivering in order to keep the stock market's frenzy around AI going.
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