US stocks closed lower on Wednesday, a day after leaping back within a few good days' worth of gains from their all-time high.
- The S&P 500 fell 32.99 points, or 0.6%, to 5,888.55.
- The Dow Jones Industrial Average fell 244.95 points, or 0.6%, to 42,098.70.
- The Nasdaq composite fell 98.23 points, or 0.5%, to 19,100.94.
Tech heavyweight Nvidia fell 0.5% after meandering between losses and gains for most of the day. The market's main event for the day, the release of Nvidia's results, was due after trading ended.
Macy's dropped 0.3% despite reporting milder drops in revenue and profit than analysts expected for the latest quarter, the AP reports. The retailer maintained its forecast for revenue this year, but it cut its profit forecast in part because of tariffs and some moderation of spending by consumers. Several other retailers also delivered better-than-expected results. Abercrombie & Fitch soared 14.7% after its profit and revenue both topped analysts' expectations. CEO Fran Horowitz credited broad-based growth across its business around the world. Dick's Sporting Goods added 1.7% after it topped analysts' expectations for the latest quarter. The company stood by the financial forecasts it earlier gave for the full year.
On the losing end of Wall Street was Okta, which fell 16.2% even though the identity and access management company reported better results for the latest quarter than Wall Street expected. Analysts called it a solid performance, but investors may have been looking for even more after its stock came into the day up nearly 60% for the year so far. GameStop fell 10.9% after saying it had bought 4,710 bitcoin, which is worth more than $500 million at its current price. The company said in late March that it could begin buying bitcoin to store some of the cash in its treasury.
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