Most of Wall Street rose on Wednesday, but drops for some influential technology stocks pulled the market lower.
- The Dow dropped 13.96 points, less than 0.1%, to 52,305.24.
- The S&P 500 slipped 16.13 points, or 0.2%, to 7,483.23 for its eighth loss in 11 days.
- The Nasdaq composite fell 173.69 points, or 0.7%, to 26,040.03.
General Mills helped lead the market and climbed 8.5% after the company behind the Cheerios and Progresso brands reported better results for the latest quarter than analysts expected, the AP reports. The company also announced a plan to cut $3 billion in costs over four years. Three out of every five stocks within the S&P 500 likewise climbed, and the index trimmed an early drop of 0.7% after a report said US manufacturing grew last month at a slightly slower speed than economists expected. The survey from the Institute for Supply Management also said prices were increasing at a slower pace. The data could take some upward pressure off inflation, which in turn could make the Federal Reserve less likely to raise interest rates multiple times this year.
The heaviest weights on the market were stocks that had soared earlier in the euphoria around artificial intelligence technology, including drops of 10.6% for Micron Technology, 6.9% for Advanced Micro Devices, and 1.3% for Nvidia. Such stocks have been zigzagging in recent weeks because of worries that they had become too expensive. Kroger swung from an early loss to a gain of 1.3% after the grocer said it agreed to buy Giant Eagle for $1.25 billion in cash. Nike also flipped an initial loss and rose 4.9% after reporting stronger results for the latest quarter than analysts expected. The athletic-gear giant is in the midst of a turnaround attempt by CEO Elliott Hill, and he said it's still facing headwinds that are dragging on its revenue.
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