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Losses for Big Tech companies lead Wall Street lower

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Stocks on Wall Street closed lower Wednesday as a pullback in big technology companies outweighed gains elsewhere in the market.

The Standard & Poor's 500 fell 0.6%, weighed down by drops in Nvidia, Apple, Microsoft and Amazon. About 56% of the stocks in the benchmark index finished in the red. Tech sector stocks include many companies with outsized values that tend to lean more heavily on the index. The Dow Jones industrial average, which was coming off two consecutive all-time highs, fell 0.4%. The Nasdaq composite, which is heavily weighted with technology stocks, closed 1.1% lower.

The latest results from retailers and others come as Wall Street and the Federal Reserve try to gauge the resiliency of U.S. consumers amid the squeeze from inflation and high borrowing rates. The latest updates from clothing retailers, food producers and others can help shed more light on how and where people are spending money. Investors are also looking ahead to Friday, when the U.S.

 

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