Stocks dipped slightly on Wednesday as investors awaited a critical inflation report set to be released later in the week.
The Dow Jones Industrial Average dropped 93 points, or 0.2%, continuing its three-day decline. The S&P 500 and Nasdaq Composite also experienced slight declines, with the former falling 0.2% and the latter dropping 0.5%.
Leading the Dow lower were UnitedHealth, which lost over 4%, while Intel and Alphabet also saw declines of 1.3% and 2% respectively. Urban Outfitters tumbled nearly 15% after posting lower-than-expected results for the fourth quarter.
Investors are focusing on the upcoming personal consumption expenditure reading for January, a key measure of inflation preferred by the Federal Reserve.
Commenting on the market’s current state, Jay Hatfield, CEO at Infrastructure Capital Advisors, noted, “The market is clearly just treading water ahead of the PCE report.”
Source (CNBC)
