S&P 500 and Nasdaq close, ending 5-session winning streaks; retailers, low technology
NEW YORK, Nov 21 (Reuters) – U.S. stocks fell on Tuesday, with the S&P 500 and Nasdaq ending five straight winning sessions as retailers retreated after a disappointing outlook and technology stocks fell.
Indexes remained lower after minutes of the Federal Reserve’s latest meeting showed officials agreed to take a cautious approach to future increases in U.S. interest rates.
U.S. central bank officials also said they would only raise interest rates if progress in controlling inflation falters, according to minutes from Oct. 31 to Nov. 31. 1 meeting.
Stocks have rallied in recent sessions, largely because the Fed may be done raising rates.
“We’ve made a big step forward,” 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 somehow leading to disappointing price action and slight profit-taking,” he said, ahead of the quarterly results and Nvidia (NVDA.O) forecasts after the closing bell.
Shares of Nvidia, considered one of the leaders in artificial intelligence chips, ended the regular session down 0.9%, and the semiconductor index (.SOX) fell 1.9 %.
Nvidia shares were down about 2% after the closing bell following the company’s quarterly report and guidance.
Traders work on the trading floor of the New York Stock Exchange (NYSE) in New York, U.S., November 17, 2023. REUTERS/Brendan McDermid/File photo acquire licensing rights
During the regular session, shares of Lowe’s Cos (LOW.N) fell 3.1% after the home improvement chain forecast a larger-than-expected decline in annual comparable sales and cut its profit forecast for the year.
The Dow Jones Industrial Average (.DJI) lost 62.75 points, or 0.18%, to 35,088.29, the S&P 500 (.SPX) lost 9.19 points, or 0.20%, to 4 538.19 and the Nasdaq Composite (.IXIC) lost 84.55 points, or 0.59%, to 14,199.98.
The S&P 500 Retail Index (.SPXRT) was down 1.2% on the day.
Shares of Best Buy (BBY.N) fell 0.7% after the electronics retailer said it expects a steeper decline in comparable annual sales.
Shares of Kohl’s Corp (KSS.N) fell 8.6% after the company missed its third-quarter sales estimates.
Volume on U.S. exchanges totaled 9.40 billion shares, compared to an average of 10.93 billion for the entire session over the past 20 trading days.
Declining issues outnumbered advancing ones on the NYSE by a ratio of 1.76 to 1; on the Nasdaq, a ratio of 2.29 to 1 favored the declines.
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.
Report by Caroline Valetkevitch; additional reporting by Amruta Khandekar and Shristi Achar A; Editing by Maju Samuel, Pooja Desai and David Gregorio
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