Stock market today: Wall Street trims its stellar gains as Nvidia's star dims again

NEW YORK — U.S. stock indexes closed lower and gave back some of their stellar gains for the year. The S&P 500 fell 0.4% Tuesday, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite fell 0.3% from its record set the day before. Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to records this year, fell for the eighth time in the last nine days.

Like the overall U.S. market, Nvidia’s stock has climbed so much that critics warn expectations have become too high and that the stock price makes sense only if everything goes correctly for it from here. The S&P 500 is on track for one of its best years since the millennium because the U.S. economy has remained remarkably resilient, hopes are high that President-elect Donald Trump’s policies will boost growth but not inflation too badly and the Federal Reserve has begun to make things easier by cutting interest rates from a two-decade high.

A report on Tuesday showed sales at U.S. retailers grew more last month than economists expected. That could be an indication of an economy that doesn’t need much more help from easier interest rates. While lower rates can goose the economy, they can also give inflation more fuel. On Wall Street, Broadcom fell 6% and was heading for its first loss following two big gains where it led the market. The tech company's stock leaped 24.4% and then 11.2% in consecutive days after delivering a stronger profit report than analysts expected and giving a forecast for upcoming revenue that was also encouraging thanks to demand for its artificial-intelligence products.Pfizer helped limit the losses after rising 4.4%.

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