Wall Street stocks end lower after inflation data, tech stocks push Nasdaq down
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data.
Data showed consumer spending increased solidly in October, suggesting the U.S. economy maintained its strong pace of growth, but progress on lowering inflation appeared to have stalled.
According to preliminary data, the S&P 500 lost 22.85 points, or 0.38%, to end at 5,998.78 points, while the Nasdaq Composite 113.80 points, or 0.59%, to 19,061.78. The Dow Jones Industrial Average fell 136.31 points, or 0.31%, to 44,723.23.
Source: Reuters
