Stocks experienced a downward trend on Wednesday as investors awaited a crucial inflation report scheduled for later this week.
The S&P 500 retreated by 0.17%, closing at 5,069.76. Similarly, the Nasdaq Composite declined by 0.55% to settle at 15,947.74. The Dow Jones Industrial Average ended the day with a loss of 23.39 points, or 0.06%, reaching 38,949.02, marking the third consecutive day of declines.
Leading the decline in the Dow was UnitedHealth, which dropped nearly 3%. Additionally, Intel and Alphabet both saw decreases of 1.7% and 1.8%, respectively. Urban Outfitters also experienced a significant decline of 12.8% following disappointing fourth-quarter results.
Investor focus now shifts to the personal consumption expenditure reading for January, set to be released on Thursday. This metric is considered the Federal Reserve’s preferred measure of inflation.
Jay Hatfield, CEO at Infrastructure Capital Advisors, noted, “The market appears to be in a holding pattern leading up to the PCE report.”
Source (CNBC)
