Stock market today: Losses for Big Tech pull US indexes lower

Technology stocks helped pull stocks lower on Wall Street Wednesday, handing the market its first loss in more than a week.

The S&P 500 fell 0.4%, even though more stocks in the index notched gains than ended lower. The loss snapped a seven-day winning streak for the benchmark index.

The Dow Jones Industrial Average fell 0.3%, its first loss after five gains. The Dow and S&P 500 remain near the all-time highs they set on Tuesday.

The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6%.

Losses for tech heavyweights like Nvidia, Microsoft and Broadcom were the drag on the market. Semiconductor giant Nvidia fell 1.2%. Its huge value gives it outsized influence on market indexes. Microsoft fell 1.2% and Broadcom finished 3.1% lower.

Several personal computer makers also helped pull the market lower following their latest earnings reports.

HP sank 11.4% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slid 12.2% after its latest quarterly revenue fell short of Wall Street forecasts.

Gains for financial and health care companies helped temper the market's losses. Berkshire Hathaway rose 0.9% and Merck & Co. added 1.5%.

All told, the S&P 500 fell 22.89 points to 5,998.74, while the Dow dropped 138.25 points to 44,722.06. The Nasdaq fell 115.10 points to 19,060.48.

Traders also had their eye on new reports on the economy and inflation Wednesday.

The U.S. economy expanded at a healthy 2.8% annual pace from July through September, according to the Commerce Department, leaving its original estimate of third-quarter growth unchanged. The growth was driven by strong consumer spending and a surge in exports.

The update followed a report on Tuesday from the Conference Board that said confidence among U.S. consumers improved in November, but not by as much as economists expected.

Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture.

Department store operator Nordstrom fell 8.1% after warning investors about a trend toward weakening sales that started in late October. Clothing retailer Urban Outfitters jumped 18.3% after beating analysts’ third-quarter financial forecasts. Weeks earlier, retail giant Target gave investors a discouraging forecast for the holiday season, while Walmart provided a more encouraging forecast.

Consumers, though resilient, are still facing pressure from inflation. The latest update from the U.S. government shows that inflation accelerated last month. The personal consumption expenditures index, or PCE, rose to 2.3% in October from 2.1% in September.

Overall, the rate of inflation has been falling broadly since it peaked more than two years ago. The PCE, which is the Federal Reserve's preferred measure of inflation, was just below 7.3% in June of 2022. Another measure of inflation, the consumer price index, peaked at 9.1% at the same time.

The latest inflation data, though, is a sign that the rate of inflation seems to be stalling as it falls to within range of the Fed's target of 2%. The central bank started raising its benchmark interest rate from near-zero in early 2022 to a two-decade high by the middle of 2023 and held it there in order to tame inflation.

The Fed started cutting its benchmark interest rate in September, followed by a second cut in November. Wall Street expects a similar quarter-point cut at the central bank's upcoming meeting in December.

“Today’s data shouldn’t change views of the likely path for disinflation, however bumpy," said David Alcaly, lead macroeconomic strategist at Lazard Asset Management. "But a lot of observers, probably including some at the Fed, are looking for reasons to get more hawkish on the outlook given the potential for inflationary policy change like new tariffs.”

President-elect Donald Trump has said he plans to impose sweeping new tariffs on Mexico, Canada and China when he takes office in January. That could shock the economy by raising prices on a wide range of goods and accelerating the rate of inflation. Such a shift could prompt the Fed to rethink future cuts to interest rates.

Treasury yields slipped in the bond market. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Tuesday. The yield on the two-year Treasury, which more closely follows expected actions by the Fed, fell to 4.22% from 4.25% late Tuesday.

U.S. markets will be closed Thursday for Thanksgiving, and will reopen for a half day on Friday.

A sign marking the intersection of Wall Street and South Street is shown in New York's Financial District on Tuesday, Nov. 26 2024. (AP Photo/Peter Morgan)

FILE - People pass the New York Stock Exchange on Nov. 5, 2024, in New York. (AP Photo/Peter Morgan, File)

People walk past the New York Stock Exchange on Tuesday, Nov. 26 2024. (AP Photo/Peter Morgan)

A person walks in front of the Tokyo Stock Exchange building at a securities firm Tuesday, Nov. 26, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

McKINNEY, Texas (AP) — Scottie Scheffler won't be the wire-to-wire winner of his hometown CJ Cup Byron Nelson again this year.

For now, the world's top-ranked player is chasing a leaderboard that includes Brooks Koepka, the five-time major champion looking for his first victory since returning to the PGA Tour from LIV Golf.

Koepka shot an 8-under 63 on Thursday and trailed first-round leader Taylor Moore by one at the revamped TPC Craig Ranch, with Scheffler at 66 while playing with Koepka and Si Woo Kim, one of seven players at 64.

“I felt like I was getting lapped out there for a little bit,” said Scheffler, who led from the start of last year's Nelson and won by eight shots at 31 under while tying the tour's 72-hole scoring record at 253. “So I was fortunate to make a couple birdies late in the round and keep myself in the tournament.”

Moore, whose only win in his first 128 tour starts came at the 2023 Valspar Championship, made a 14-foot birdie putt from the fringe on the par-5 ninth to finish the best round of his tour career.

The Texas native and Oklahoma resident leads Koepka and Jesper Svensson, who had a chance to join Moore atop the leaderboard but missed a 9-footer on the ninth.

Kim — the highest-ranked player in the field behind Scheffler at No. 24 — had the only bogey in the threesome, on his 16th hole at the par-3 seventh.

One of several countrymen in the event sponsored by South Korean conglomerate CJ Group, Kim closed the gap on Koepka with a birdie at the ninth while Koepka settled for par.

Emiliano Grillo, Keith Mitchell, Stephan Jaeger, Michael Thorbjornsen, Tyler Duncan and Kensei Hirata were tied with Kim. Doug Ghim was at 65 with Mackenzie Hughes, Hank Lebioda, Austin Eckroat and Lanto Griffin.

Koepka, who contended at last week's PGA Championship before fading Sunday, eagled the par-5 12th and was 4 under through five holes. He had four more birdies in a span of five holes in his back nine, capped by a 3-foot birdie putt on the short par-4 sixth.

Kim had four birdies on the front and four more on the back while Scheffler was lagging at 2 under before getting birdies on three of his final five holes.

“It was just a comfortable group,” Koepka said. “Everyone is just kind of feeding off each other, easy. Everyone’s having fun. Makes it enjoyable. I feel comfortable on the golf course as well.”

Even though he hardly recognizes parts of it.

Koepka last played at TPC Craig Ranch in 2021, the year before he bolted for LIV. The sixth Nelson at the par-71 layout about 30 miles north of Dallas was the debut of a Lanny Wadkins-led redesign that cost nearly $25 million and added bunkers everywhere and overhauled the greens with mounds and ridges.

“The greens are totally different than when we played,” Koepka said. “That’s obviously the biggest thing. Off the tee it looks pretty good. Place hasn’t changed too much. It’s familiar. I like it.”

Koepka was a regular at the Nelson a decade ago, including a runner-up finish in 2016 when he lost to Sergio Garcia in a playoff. The 36-year-old also has a little CJ Cup history. He rose to No. 1 in the world with a victory when the event was in South Korea in 2018.

The title sponsorship moved to the U.S. after the COVID-19 pandemic and has been associated with the Nelson since 2024.

The move to LIV forced Koepka to put aside things such as the world ranking, and now he's dealing with stipulations he had to agree to in order to rejoin the PGA Tour. Among them is not being exempt for the $20 million signature events, even though he won a major — the 2023 PGA — while with LIV.

“I think there’s such a huge difference right now of trying to get into signature events, on my way back, coming back to the tour,” Koepka said. “(Winning) would be a big confidence boost for sure because I feel like I’ve been playing well. I feel like I’m knocking on the door, and I’m very, very close.”

AP golf: https://apnews.com/hub/golf

Taylor Moore watches his tee shot not the eighth hole during the first round of the Byron Nelson golf tournament in McKinney, Texas, Thursday, May 21, 2026. (AP Photo/LM Otero)

Si Woo Kim, of South Korea, stretches before his tee shot on the 11th hole during the first round of the Byron Nelson golf tournament in McKinney, Texas, Thursday, May 21, 2026. (AP Photo/LM Otero)

Brooks Koepka hits to the 14th green during the first round of the Byron Nelson golf tournament in McKinney, Texas, Thursday, May 21, 2026. (AP Photo/LM Otero)

Scottie Scheffler watches his shot on the 14th hole during the first round of the Byron Nelson golf tournament in McKinney, Texas, Thursday, May 21, 2026. (AP Photo/LM Otero)

Brooks Koepka, right, shakes hands with Scottie Scheffler after playing their final hole in the first round of the Byron Nelson golf tournament in McKinney, Texas, Thursday, May 21, 2026. (AP Photo/LM Otero)

Brooks Koepka smiles while standing on the ninth green during of the first round of the Byron Nelson golf tournament in McKinney, Texas, Thursday, May 21, 2026. (AP Photo/LM Otero)