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Indexes fell in light trading on Wednesday as investors took some risk off the table following big November gains.
The Dow Jones Industrials dipped 25.14 points to 44,835.17
The much-broader index subtracted 28.36 points to 5,993.27.
The NASDAQ Composite dumped 202.61 points to 18,972.96.
Traders appeared to take profits on big technology names that have largely performed well this year, which can explain the Nasdaq’s underperformance. Nvidia, which has surged more than 160% in 2024, lost more than 3% in the session. Meta Platforms slid about 1% after rallying around 60% this year.
Elsewhere in tech, Dell and HP both dropped more than 12% after providing weak earnings guidance.
Still, it’s been a notable week as the Dow and S&P 500 rose to all-time highs. The Dow is now tracking to end the week 1.4% higher, while the S&P 500 is slated for gains of 0.4%. Following Wednesday’s slide, the NASDAQ Composite is down about 0.2% on the week.
Investors followed the latest reading of the personal consumption expenditures price index, or PCE, released Wednesday morning. The closely watched inflation gauge rose 0.2% in October and 2.3% on an annualized basis, in line with expectations from economists polled by Dow Jones. Excluding food and energy, the so-called core measure increased 0.3% month over month and 2.8% compared with a year ago, also matching consensus forecasts.
Prices for the 10-year Treasury jumped, lowering yields to 4.25% from Tuesday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices recovered five cents to $68.82 U.S. a barrel.
Prices for gold perked $22.40 an ounce to $2,668.70 U.S.
