NEW YORK (AP) — Wall Street’s strong start to the year slowed on Wednesday.
The S&P 500 slipped 0.3% from its latest all-time high for its first loss in four days. The Dow Jones Industrial Average dropped 466 points, or 0.9%, from its own record set the day before, while the Nasdaq composite added 0.2%.
Some of the market’s sharpest drops hit industries that President Donald Trump targeted with criticism on his social media network. Homebuilders fell sharply, for example, after Trump suggested moves to prevent large institutional investors from buying single-family homes, in hopes of making it more affordable for people to buy houses.
The potential removal from the market of some buyers for homes sent D.R. Horton down 3.6% and PulteGroup 3.2% lower. Blackstone, a large investment company, briefly fell more than 9%, before paring its loss to 5.6%.
Moves across the rest of the U.S. stock market were more modest, including for Warner Bros. Discovery after it again rejected a buyout bid from Paramount and told its shareholders to stick with a rival offer from Netflix.