Tech Stocks Drag Major U.S. Indices Lower

Losses for big technology stocks pulled major indexes lower on Wall Street. The S&P 500 fell 0.4% Wednesday. The Dow Jones Industrial Average slipped 0.3% from its record high a day earlier, and the Nasdaq composite lost 0.6%. Losses for Nvidia, Microsoft and Broadcom were the biggest weights on the market. Dell sank 12.2% after reporting revenue that fell shy of forecasts, and HP dropped 11.4% after giving a weaker-than-expected outlook. Treasury yields fell in the bond market. U.S.

HP sank 11.8% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slumped 11.9% after its latest quarterly revenue fell short of Wall Street forecasts. The update follows a report on Tuesday from the Conference Board that said confidence among U.S. consumers improved in November, but not by as much as economists expected.

Consumers, though resilient, are still facing pressure from inflation. The latest update from the U.S. government shows that inflation accelerated last month. The personal consumption expenditures index, or PCE, rose to 2.3% in October from 2.1% in September. The Fed started cutting its benchmark interest rate in September, followed by a second cut in November. Wall Street expects a similar quarter-point cut at the central bank's upcoming meeting in December.

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