Stocks drifted lower on Wall Street on a down day for tech stocks.
The S&P 500 fell 0.2%. The Dow Jones Industrial Average slipped 0.1% Wednesday, and the Nasdaq composite sank 0.5% a day after nearing its record set in 2021.
The market regressed as Nvidia and other Big Tech stocks pulled back a bit from their dominating run. Treasury yields also eased in the bond market after a report said the U.S. economy likely grew a touch slower at the end of 2023 than earlier estimated. Bitcoin briefly topped $63,000 for the first time since 2021, helping to lift stocks of crypto-related companies.
On Wednesday:
The S&P 500 fell 8.42 points, or 0.2%, to 5,069.76.
The Dow Jones Industrial Average fell 23.39 points, or 0.1%, to 38,949.02.
The Nasdaq composite fell 87.56 points, or 0.5%, to 15,947.74.
The Russell 2000 index of smaller companies fell 15.80 points, or 0.8%, to 2,040.31.
For the week:
The S&P 500 is down 19.04 points, or 0.4%.
The Dow is down 182.51 points, or 0.5%.
The Nasdaq is down 49.08 points, or 0.3%.
The Russell 2000 is up 23.62 points, or 1.2%.
For the year:
The S&P 500 is up 299.93 points, or 6.3%.
The Dow is up 1,259.48 points, or 3.3%.
The Nasdaq is up 936.39 points, or 6.2%.
The Russell 2000 is up 13.23 points, or 0.7%.
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