US stocks edged back from their records on Wednesday.
- The S&P 500 fell 10.67 points, or 0.2%, to 5,722.26.
- The Dow Jones Industrial Average fell 293.47 points, or 0.7%, to 41,914.75.
- The Nasdaq composite rose 7.68 points, or less than 0.1%, to 18,082.21.
Treasury yields ticked higher in the bond market after sinking the day before on a surprisingly weak update on consumer confidence. The worst drop in three years raised worries about the US economy's durability, but it also raised expectations for the Federal Reserve to deliver another dose of bigger-than-usual relief through a big cut to interest rates at its next meeting.
On Wall Street, Stitch Fix tumbled 39.5% after the online fashion styling service said its revenue in the current quarter could be 15% to 17% weaker than a year earlier, the AP reports. Its stock has dropped below $3 from $100 early in the pandemic. KB Home fell 5.4% after reporting profit for the latest quarter that was just shy of analysts' expectations. The homebuilder, though, said orders picked up in August as mortgage rates came down. A report released Wednesday morning said sales of new homes across the country slowed in August, but not by as much as economists feared.
Trump Media & Technology Group jumped 10.5% for its first back-to-back gain in two weeks. The stock had been struggling amid speculation about when Donald Trump may sell some of his shares in the company behind the Truth Social network, now that he is free to do so. Investors may now be more confident that he will keep his word and not sell his massive stake in the company, Fortune notes.
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