Stock market today: Wall Street slumps to a rare 3-day losing streak

NEW YORK — U.S. stocks closed lower as more steam came out of Wall Street’s huge, record-breaking rally. The S&P 500 fell 0.9% Wednesday. It was the third loss in a row for the benchmark index, the first time that’s happened in six weeks. The Dow Jones Industrial Average dropped 1%. The Nasdaq composite sank 1.6% as Nvidia and other Big Tech stocks were among the market’s heaviest weights.

Momentum has reversed for stocks this week as pressure has increased from rising Treasury yields. Higher yields can make investors less willing to pay high prices for stocks, which critics say already look too expensive after they rose faster than corporate profits. Coca-Cola fell 1.6% even though it reported stronger profit and revenue for the latest quarter than analysts expected. The company benefited from higher prices for its products, but a lot of focus was on how much product the company shipped during the quarter, and that fell short of some estimates.

The market's most impactful losses came from Big Tech stocks, which have been battling criticism for a while that their prices soared too high amid Wall Street's frenzy around artificial-intelligence technology. Nvidia's 3.1% drop and Apple's 2.7% fall were the two heaviest weights on the S&P 500. Northern Trust rallied 7.5% after likewise topping analysts’ estimates for profit and revenue in the latest quarter.

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