Stock market today: Wall Street drifts in early trading as its momentum ebbs following a big run

NEW YORK — U.S. stock indexes are drifting in early trading, as Wall Street’s momentum ebbs following its big run over the last six months. The S&P 500 was down 0.1% early Wednesday, coming off its worst day in four weeks. The Dow Jones Industrial Average slipped 11 points, and the Nasdaq composite was off 0.3%. Intel sank after disclosing details about several key parts of its business for the first time.

In Europe, inflation that has squeezed consumers there fell more than expected in March to 2.4%, but analysts say that might not be enough to move up the ECB’s first interest rate cut. Intel shares slid 4.7% after the chipmaker outlined a new financial reporting structure and provided recast operating segment financial results for the past three years. The California company reported that its foundry, or manufacturing segment, lost $7 billion in 2023. Intel is one of the few chipmakers to make their own chips and did not previously break out those numbers in its financial reporting.

Analysts said worries were growing that anxieties that rattled Wall Street might spread to Asia, despite recent relatively positive economic signs from China. A new report from Moody’s Ratings said China’s slowing economy will aggravate difficult business conditions for Japanese manufacturers in the next year to year and a half.

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