US Stock Market slipped on Wednesday as investors took a breather after a big November, with the Nasdaq down 0.8% and the S&P 500 down 0.4%. The Dow Jones, meanwhile, erased an early advance to lose 115 points. Technology stocks took a hit, led by Nvidia (NVDA, Financial), which has gained 168% year-to-date, but sank over 3% on the day. Dell (DELL, Financial) also dropped more than 12% after lowering earnings forecasts.
The market responded to the latest inflation data, with the PCE index showing minor increases as expected. While the inflation numbers were in line with expectations, analysts remain skeptical about potential changes to Federal Reserve policy due to persistent inflation.
Volume was low due to the short trading week, with markets closed on Thanksgiving and an early closure on Friday. However, the Dow and S&P 500 have been supported by recent record levels, indicating a stronger year than June figures reflect. The Nasdaq, however, has lost some ground this week.
