Losses for several big technology companies pulled the stock market lower. The S&P 500 fell 0.6% Wednesday, weighed down by drops in Nvidia, Apple, Microsoft and Amazon. The Dow Jones Industrial Average fell 0.4%. The Dow is coming off two consecutive all-time highs. The Nasdaq composite fell 1.1%. Nvidia is set to report its latest results after the closing bell. Its revenue is expected to have surged to $28.74 billion, more than double the same period a year ago.
Investors had a mixed batch of earnings and corporate financial updates to review. Nordstrom rose 2.9% after beating analysts' earnings expectations and raising its financial forecasts for the year. Rival Kohl's rose 1.1% after also beating analysts' earnings expectations. The latest results from retailers and others come as Wall Street and the Federal Reserve try to gauge the resiliency of U.S. consumers amid the squeeze from inflation and high borrowing rates. The latest updates from clothing retailers, food producers and others can help shed more light on how and where people are spending money.
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. The rate of inflation has been easing steadily back toward the central bank's target of 2% since then, following the Fed's aggressive interest rate hikes.
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