Stock market today: Wall Street drifts and yields rise as U.S. shoppers show they're still spending

The S&P 500 edged down by 0.43, which is well less than 0.1%, to 4,373.20 after flipping between small gains and losses through the day. The Dow Jones Industrial Average added 13.11 points, or less than 0.1%, to 33,997.65, and the Nasdaq composite fell 34.24, or 0.3%, to 13,533.75.

The Fed is trying to pull off a delicate balancing act where it slows the economy just enough to drive down high inflation but not so much that it causes a painful recession. High rates and yields hurt prices for all kinds of stocks, and they tend to particularly hit companies bid up on expectations for growth far in the future and stocks seen as expensive. That's often put Big Tech stocks in the spotlight, and a 4.7% drop for Nvidia and 0.9% slip for Apple were the two heaviest weights on the S&P 500.

The broad expectation for companies across the S&P 500 index is that profits returned to growth during the summer for the first time in a year. Crude oil prices held somewhat steadier after swinging sharply in recent weeks on worries that war in the Middle East could lead to disruptions in supplies if it drew in Iran or other major oil-producing countries.

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