giving up more than 400 points.
The Dow industrials lost 1.1% to 38,441.54 and the Nasdaq composite slipped 0.6% to 16,920.58 after setting its latest all-time high. Advance Auto Parts sank 11% after its results and revenue for the latest quarter came up just shy of analysts’ expectations. This month’s swings in yields have also come as traders recalibrate their expectations for when the Federal Reserve could begin cutting its main interest rate, which is at its highest level in more than two decades.
A report from the Fed released Wednesday said that it’s heard from businesses and other contacts around the country that consumers are pushing back against more increases to prices. That in turn is eating into companies’ profits as their own costs for insurance and other expenses continue to rise.
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