The Dow Jones Industrials dropped 39.2 points to move into afternoon at 34,906.27.
The S&P 50 index fell 3.12 points to 4,505.12.
The NASDAQ sank 22.28 points to 14,091.39.
The major averages are all on pace for their third straight positive week. The S&P 500 and the NASDAQ are up more than 1.9% through Thursday’s close, while the Dow is on pace for a 1.8% rise. This would be the first three-week win streak for the Dow and S&P 500 since July, and the first since June for the NASDAQ.
Those gains were sparked by tame U.S. inflation data that gave hope to investors that the worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.
Stocks have been on a tear this month. In November, the S&P 500 is up 7.5%, while the Dow has a 5.7% gain. The NASDAQ has leapt 9.7%.
Those gains were sparked by tame U.S. inflation data that gave hope to investors that the worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.
The question is whether traders will be able to maintain that optimism for the remainder of the month. In November, the S&P 500 is up 7.5%, while the Dow has a 5.7% gain. The NASDAQ has leapt 9.8%.
Gap shares leapt 32% after the company posted better-than-expected results for the third quarter. Electric vehicle charging network ChargePoint slid 34% after announcing a shake-up in its C-suite and cutting its forecast for third-quarter revenue.
Prices for the 10-year Treasury fell, raising yields to 4.46% from Tuesday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices grew $2.35 to $75.25 U.S. a barrel.
Gold prices slumped $3.80 to $1,983.50.