NEW YORK (Reuters) – U.S. stocks fell on Tuesday, with the S&P 500 and Nasdaq snapping a five-session winning streak as retail stocks fell after some disappointing forecasts and as technology stocks fell.
Indicators remained lower after minutes of the Federal Reserve’s latest meeting showed that officials agreed to take a cautious approach to raising US interest rates in the future.
US central bank officials also said they would raise interest rates only if progress in controlling inflation falters, according to minutes from the October 31-November meeting. 1 meeting.
Stocks have risen in recent sessions largely on the view that the Federal Reserve may raise interest rates.
“We’ve made a big step,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
“The absence of anything to push the market higher today is leading to somewhat disappointing price action and some minor profit-taking,” he said ahead of quarterly results and guidance from Nvidia after the closing bell.
Shares of Nvidia, considered a leader in artificial intelligence chips, ended the regular session down 0.9%, and the Semiconductor Index (.SOX) fell 1.9%.
Nvidia shares fell about 2% after the closing bell following the company’s quarterly report and guidance.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, November 17, 2023. REUTERS/Brendan McDiarmid/File Photo Obtaining licensing rights
During the regular session, shares of Lowe’s Cos. ( LOW.N ) fell 3.1% after the home improvement chain forecast a larger decline in annual comparable sales than previously expected and trimmed its earnings forecast for this year.
The Dow Jones Industrial Average fell 62.75 points, or 0.18%, to 35,088.29 points, the Standard & Poor’s 500 Index fell 9.19 points, or 0.20%, to 4,538.19 points, and the Nasdaq Composite Index fell 84.55 points, or 0.20%, to 14,199.98.
The S&P 500 Retail Index (SPXRT) fell 1.2% on the day.
Best Buy (BBY.N) shares fell 0.7% after the electronics retailer said it expects a sharp decline in annual comparable sales.
Shares of Kohl’s Corp (KSS.N) fell 8.6% after the company missed third-quarter sales estimates.
Trading volume on US stock exchanges reached 9.40 billion shares, compared to an average of 10.93 billion for the full session during the last 20 trading days.
Declining issues outnumbered advancing issues on the NYSE by a ratio of 1.76 to 1; On the Nasdaq, a 2.29-to-1 ratio favored losing stocks.
The S&P 500 posted 30 new 52-week highs and no new lows. The Nasdaq Composite recorded 56 new highs and 125 new lows.
Reported by Carolyn Valitkiewicz. Additional reporting by Amruta Khandekar and Shristi Achar A. Edited by Maju Samuel, Pooja Desai and David Gregorio
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