Stocks slipped Wednesday as investors mulled the latest retail sales report, which came in higher than expected, a day after the release of January's hotter-than-anticipated consumer price index.
The Dow Jones Industrials fell 128.34 points, to begin Wednesday at 33,960.23.
The S&P 500 faded 14.85 points to 4,121.28.
The NASDAQ Composite retreated 18.45 points to 11,941.69.
Goldman Sachs dropped plans to develop a Goldman-branded credit card for retail customers, another casualty of the firm's strategic pivot.
CEO David Solomon told analysts in late 2021 that the bank was developing its own card, which would've made use of the platform Goldman created for its Apple Card partnership.
But when it scaled back plans to become the primary bank for the masses, the rationale for a Goldman card evaporated, said one of the people, who declined to be identified speaking about a former employer.
January retail sales rose 3%, while economists polled by Dow Jones anticipated a 1.9% increase. The number signals that the U.S. economy is holding up despite increased rate hikes by the Federal Reserve to tame inflation.
Prices for the 10-year Treasury fell, raising yields to 3.78% from Tuesday's 3.75%. Treasury prices and yields move in opposite directions.
Oil prices slumbered 58 cents to $78.48 U.S. a barrel.
Gold prices stepped back $21.00 to $1,844.40 U.S. an ounce.