The S&P 500 was off about 0.2%, while the Dow Jones Industrial Average (^DJI) rose 0.1%.
The tech-heavy Nasdaq Composite (^IXIC) led the losses, falling more than 0.5% after tech led Tuesday’s rally.
High-flying Nvidia (NVDA) fell more than 1%, while Tesla (TSLA) fell over 4.5% after a Wells Fargo downgrade and sales warning.
Stocks had gained Tuesday, with the S&P 500 hitting a new record amid continued optimism that the Federal Reserve will start to cut interest rates within months despite February’s hotter-than-estimated reading on core consumer inflation.
That alone could prompt policymakers to stay cautious about easing up on borrowing costs when the Fed holds its monthly policy meeting next week.
But with the US economy outstripping Wall Street’s forecasts, investors are keeping their hopes warm until they get wholesale inflation and retail sales data on Thursday.
On the crypto front, bitcoin (BTC-USD) was changing hands above $73,000, continuing a furious, record-setting rally of its own.
In corporates, DollarTree’s (DLTR) shares sank about 14% after the company swung to a quarterly loss.
The discount retailer said it plans to close nearly 1,000 stores and will take a charge of over $1 billion.
On Wednesday, US stocks were mixed, with the record-breaking run of the SandP 500 (^GSPC) coming to an end and several tech giants witnessing stock declines.
Although the Dow Jones Industrial Average (^DJI) increased by 0 points, the S&P 500 saw a decrease of approximately 0.2 percent. Leading the losses was the tech-heavy Nasdaq Composite (^IXIC), which dropped more than 0.5 percent after leading Tuesday’s increase in tech. Tesla (TSLA) dropped more than 4.5 percent following a Wells Fargo downgrade and sales warning, while Nvidia (NVDA), a market leader, fell more than 1 percent.
Tuesday’s gains in stocks saw the S&P 500 set a new record. This optimism stems from the expectation that the Federal Reserve will begin reducing interest rates in the coming months, even in light of February’s core consumer inflation reading that was higher than anticipated.
Just that might cause officials to exercise caution when lowering borrowing costs at the Federal Reserve’s monthly policy meeting the following week. Although Wall Street’s predictions have been surpassed by the US economy, investors are holding onto their optimism until Thursday when they receive data on retail sales and wholesale inflation.
Regarding cryptocurrencies, bitcoin (BTC-USD) was trading above $73,000, sustaining its own ferocious, all-time increase.
With the company swinging to a quarterly loss, corporate shares of DollarTree (DLTR) fell roughly 14%. The discount store announced that it will close almost 1,000 locations and incur over $1 billion in costs.
