Stocks were volatile in afternoon trading with losses from major technology firms overshadowing gains in other sectors. The S&P 500 decreased by 0.5%, while more stocks were increasing than decreasing within the index. The Dow Jones fell by 78 points, or 0.2%. Both the S&P 500 and the Dow set records on Tuesday. The Nasdaq composite declined by 1.1%. The Australian share market is forecasted to rise slightly, with futures indicating a 0.1% increase at the open.
Tech giants like Nvidia and Microsoft led the decline with losses of 3.3% and 1.1% respectively. HP and Dell also saw significant drops of 12.6% and 12.1% after disappointing earnings reports. The US economy grew at a 2.8% annual pace from July to September, driven by robust consumer spending and export growth. Consumer confidence improved in November according to the Conference Board, although not as much as anticipated. Retail earnings reports have shown a mixed outlook, with Nordstrom warning of weakening sales and Urban Outfitters reporting better-than-expected results
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