On Wednesday, US stocks fell as investors decided to take profits after strong monthly gains.
The S&P 500 and Dow Jones industrial averages fell 0.4% and 0.3%, respectively, while the Nasdaq 100 fell more sharply by 0.8%.
The technology sector led the losses, with major companies such as Nvidia, Meta, and Microsoft falling slightly.
Dell and HP were the worst hit, each losing more than 11% due to disappointing financial forecasts.
Looking at the focus economic data that also influenced the market, the US Personal Consumption Expenditures (PCE) Index rose 0.2% from the previous month and 2.3% from the previous year.
Core PCE, meanwhile, rose 0.3%, indicating that inflation has not fallen enough to meet the Federal Reserve’s (Fed) 2% goal.
Meanwhile, the number of Americans filing for unemployment benefits fell, and the US economy grew by 2.8% in the third quarter for the second straight report, suggesting that the economy remains strong.
With this update, investors now see a higher chance (34%) that the Fed will not change interest rates in December, up from 24% last month.
