Stock market today: Wall Street drifts after a strong retail sales report

The S&P 500 closed just barely lower Tuesday after flipping between small gains and losses through the day. The Dow added 13 points, and the Nasdaq composite fell 0.3%. Treasury yields rose in the bond market after a report showed shoppers spent more at U.S. retailers last month than expected. That’s a sign of a healthy economy, but it may also indicate upward pressure on inflation and could push the Federal Reserve to keep interest rates high.

A report Tuesday morning showed shoppers spent more at U.S. retailers last month than economists expected. That’s a sign of a healthy economy and likely a result of a still-solid job market, which should help to support profits at companies. Treasury yields in the bond market rose after the release of the report. The yield on the 10-year Treasury climbed to 4.84% from 4.69% late Monday.

Nvidia and other chipmakers were under extra pressure after the U.S. government broadened restrictions to stop China from acquiring advanced computer chips and the equipment to manufacture them.Bank of America was helping to lead the market with a 2.1% gain after it beat Wall Street’s profit forecasts for the third quarter.

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.

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