by Caroline Valetkevitch
NEW YORK, November 21 (Reuters) – The New York Stock Exchange ended lower on Tuesday, with the S&P-500 and the Nasdaq ending a series of five sessions in the green, while American distributors recorded a decline after disappointing forecasts and technology stocks fell.
The Dow Jones index fell 0.18%, or 62.75 points, to 35,088.29 points.
The broader S&P-500 lost 9.19 points, or 0.20%, to 4,538.19 points.
The Nasdaq Composite fell 84.55 points (0.59%) to 14,199.98 points.
Major Wall Street indexes remained in the red after the release of minutes from the Federal Reserve’s (Fed) latest monetary policy meeting, which showed that US central bank officials agreed to take a more aggressive approach. prudent for rate hikes.
Fed officials also said they would need to raise rates again only if data showed a lack of progress in combating inflation, the Fed’s “minutes” reported. meeting October 31-November 1.
“No surprises in the Fed minutes,” commented Gene Goldman, chief investment officer of Cetera Investment Management.
Noting that the Fed had said in its November 1 statement that additional hikes were possible, he added that the institution’s president, Jerome Powell, had then downplayed such a hypothesis. “The markets were hoping for some form of clarification,” he said.
The main Wall Street indices have recently trended upwards amid hopes that the Fed has completed the cycle of monetary tightening started in March 2022 to counter inflation.
“With no catalysts to continue to carry the market higher today, there were some disappointments for stocks and some profit-taking,” said Michael James, managing director of Wedbush Securities, as the giant technology Nvidia published its results after the close.
On the value side, the retailer Kohl’s plunged 8.6% after reporting quarterly sales below expectations.
Lowe’s fell 3.1% after lowering its annual profit forecast.
Best Buy fell 0.7% following a gloomy forecast for its annual sales. (French version Jean Terzian)