Stock market today: Nvidia, Tesla drag tech stocks lower as S&P 500 pulls back from record

US stocks were a mixed bag on Wednesday with the S&P 500's (^GSPC) record-setting run hitting pause as several tech giants saw their stocks retreat.

The S&P 500 was off about 0.2%, while the Dow Jones Industrial Average (^DJI) rose 0.1%. The tech-heavy Nasdaq Composite (^IXIC) led the losses, falling more than 0.5% after tech led Tuesday's rally. High-flying Nvidia (NVDA) fell more than 1%, while Tesla (TSLA) fell over 4.5% after a Wells Fargo downgrade and sales warning.

Stocks had gained Tuesday, with the S&P 500 hitting a new record amid continued optimism that the Federal Reserve will start to cut interest rates within months despite February's hotter-than-estimated reading on core consumer inflation.

That alone could prompt policymakers to stay cautious about easing up on borrowing costs when the Fed holds its monthly policy meeting next week. But with the US economy outstripping Wall Street's forecasts, investors are keeping their hopes warm until they get wholesale inflation and retail sales data on Thursday.

On the crypto front, bitcoin (BTC-USD) was changing hands above $73,000, continuing a furious, record-setting rally of its own.

In corporates, DollarTree's (DLTR) shares sank about 14% after the company swung to a quarterly loss. The discount retailer said it plans to close nearly 1,000 stores and will take a charge of over $1 billion.

Source : Yahoo Finance / Mar 13, 2024