Traders work on the floor of the New York Stock Exchange during morning trading on January 31, 2024 in New York City.
Michael M. Santiago | Getty Images
Stocks fell on Wednesday as investors eyed the headline inflation report due later this week.
the Dow Jones Industrial Average It lost 63 points, or 0.2%, recording losses for the third day in a row. the Standard & Poor's 500 It decreased by 0.1%, while Nasdaq Composite Decreased by 0.3%.
UnitedHealth It lost more than 4%, driving the Dow Jones index lower. Tech giant the alphabet Decreased by 2%. in another place, Urban Outfitters It fell nearly 10% after reporting weaker-than-expected results for the fourth quarter.
Investors are looking forward to Thursday's January personal consumption spending reading, the Federal Reserve's preferred measure of inflation.
“The market is clearly treading water ahead of the PCE report,” said Jay Hatfield, CEO of Infrastructure Capital Advisors.
The report will come as the market tries to build on gains that pushed the Dow Jones and S&P 500 to record levels. However, this week the market faced difficulties, pulling back slightly. The major indices are all on track to end the week slightly lower. If they end the week in the red, it will be their second weekly decline in three weeks.
“The hype around AI is not sustainable because a lot of the stock gains seen due to AI are related to AI marketing and hype, and only one or two companies have seen a specific increase in revenue from AI,” said David Bahnsen, chief investment officer. An employee at Bahnsen Group.
“Where there has been AI fever — and there has been a lot of it — it has been priced at perfection and then some. It's 1999 déjà vu,” Bahnsen added.
