S&P 500 Ends 7-Session Winning Streak
Major U.S. indexes closed with collective losses on Wednesday, pressured by technology stocks on the eve of Thanksgiving amid concerns that the Federal Reserve may be cautious about cutting interest rates after strong inflation data.
Data showed consumer spending increased strongly in October, suggesting the U.S. economy has maintained its strong pace of growth, but progress in reducing inflation appears to have stalled.
Investors are also still assessing the impact of Trump's pledge to impose a 25% tariff on imports from Mexico and Canada and a 10% tariff on Chinese goods and the inflationary effects of this decision on the US economy.
Performance of major US indices:
The Dow Jones Industrial Average fell 0.3%, or 138 points, on Wednesday, falling from an all-time high.
The S&P 500 index fell 0.4%, ending a seven-session winning streak.
The Nasdaq Composite Index also fell 0.6% after four straight sessions of gains.
Dell shares
Dell shares fell 12% on Wednesday, posting their biggest daily loss in six months after the company reported disappointing quarterly earnings.
The PC maker forecast revenue of $24.5 billion for the fiscal quarter ending in February, below Wall Street estimates of $25.4 billion.
The company also reported a 1% decline in PC revenue to $12.1 billion in the third fiscal quarter.
Nvidia stocks:
Nvidia shares fell 1.2% on Wednesday to close at their lowest level in about a month, with the company losing $38 billion in market value in a single day.
The losses came after Dell and HP announced disappointing forecasts due to weak demand for personal computers, which led to negative sentiment spreading to the entire technology and semiconductor sector.
The company's shares were also negatively affected by concerns about a slowdown in US interest rate cuts after strong inflation data.
