Stocks on Wall Street closed broadly lower Wednesday as drops by big technology companies wiped out the week’s gains for the Standard & Poor’s 500 index.
Traders focused on a mix of retail updates that indicate inflation pressure continues to affect businesses and consumers, but also show that spending remains strong. A government report showed retail sales were flat last month, and Target shares slumped after the retail chain reported a nearly 90% skid in quarterly profit.
Pricey technology companies, communication stocks and retailers had some of the biggest losses. Only energy stocks notched gains as the price of U.S. crude oil rose.Bond yields rose significantly. The yield on the 10-year Treasury rose to 2.89% from 2.81% late Tuesday.A group of dancers filed a petition for a union election through the Actors’ Equity Assn.
Children’s clothing and accessories chain Children’s Place fell 11% after reporting a surprise second-quarter loss as it faced supply chain problems and pressure from inflation.rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fueled by the soaring cost of energy.
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