Stock indexes shuffled lower on Wall Street Wednesday, pulling a bit further off their record heights. The bond market was relatively calm following turbulent trading recently amid worries about high inflation. The yield on the 10-year Treasury fell to 1.59%. Shorter-term yields also fell, giving up a portion of their big gains made last week. The S&P 500 fell 12.23 points, or 0.3%, to 4,688.67 after earlier drifting between a tiny gain and a 0.4% decline. It’s sitting just 13.03 points below its all-time high set a week and a half ago. The Dow Jones Industrial Average sank 211.17 points, or 0.6%, to 35,931.05, and the Nasdaq composite lost 52.28 points, or 0.3%, to 15,921.57.
A 4.7% drop for Visa was one of the heaviest weights on the market, accounting for nearly a third of the S&P 500’s decline by itself, the AP reports. It sank after Amazon said it would no longer accept UK-issued Visa credit cards amid a dispute about fees. The majority of stocks in the S&P 500 fell, and the smaller stocks in the Russell 2000 dropped even more. But gains for some heavyweight stocks helped soften the losses. Apple rose 1.6%, and Tesla climbed 3.2%. Because they’re two of the biggest stocks on Wall Street by market value, their movements carry extra weight on the S&P 500.
Big retailers including Lowe’s, Target, and TJX, which runs the T.J. Maxx and Marshalls stores, reported strong results Wednesday. But the stock market’s reaction wasn’t uniform. TJX rose 5.8% after reporting stronger revenue and earnings for the latest quarter than expected. Home improvement retailer Lowe's gained 0.4% as it raised its revenue forecast for the year following strong third-quarter financial results. But Target fell 4.7% even though it also reported better earnings than expected. The company said it made less profit off each dollar in sales during the quarter, versus a year earlier, as it got squeezed by higher merchandise and supply-chain costs, among other things. (More stock market stories.)
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