NEW YORK (AP) — Wall Street’s rally stalled on Wednesday after U.S. stocks climbed back within 2% of their all-time high.
The S&P 500 fell 0.3% for its first loss in four days. The Dow Jones Industrial Average was virtually unchanged after edging down by 1 point, and the Nasdaq composite slipped 0.5%.
Several Big Tech stocks led the way lower, and a 1.9% drop for Apple was the heaviest weight on the market. It’s been listless this week after unveiling several modest upcoming changes to the software that runs its devices.
The action was stronger in the bond market, where Treasury yields eased after a report suggested President Donald Trump’s tariffs are not pushing inflation much higher, at least not yet.
U.S. consumers had to pay prices for food, gasoline and other costs of living that were 2.4% higher overall in May than a year earlier. That was up from April’s 2.3% inflation rate, but it wasn’t as bad as the 2.5% that Wall Street was expecting.