The S&P 500 was lower Wednesday as investors took a breather from last week's market rally and weighed Federal Reserve Chair Jerome Powell's latest comments on inflation.
The Dow Jones Industrials dropped 102.48 points to adjourn Wednesday at 33,951.39.
The S&P 500 faded 23.02 points to 4,365.69.
The NASDAQ index capsized 165.1 points, or 1.2%, to 13,502.20.
Some major tech stocks that enjoyed an extraordinary run because of enthusiasm around artificial intelligence pulled back. Nvidia, which is up nearly 200% this year, slid 1.5%. Shares of Google-parent Alphabet and Netflix are each down by more than 1%. Tesla shares were down more than 3% following a downgrade by Barclays.
Elsewhere, FedEx shares fell more than 2% after the shipping giant posted weaker-than-expected revenue for its most recent quarter. Winnebago shares slid 1% after the motorhome maker missed third-quarter revenue estimates.
Powell said Wednesday that more rate hikes are likely ahead as the central bank tries to combat inflation. Those comments come after the conclusion of last week's meeting when the central bank held off from raising rates after 10 straight consecutive hikes. However, officials indicated there could be two more quarter-percentage point moves on the horizon this year.
Prices for the 10-year Treasury recovered, lowering yields to 3.72% from Tuesday's 3.73%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.44 to $72.63 U.S. a barrel.
Gold prices dulled $3.1 to $1,944.60 U.S. an ounce.
S&P Loses Steam for 3rd Straight Day as Rally Cools