Losses for several banks and Big Tech stocks pulled U.S. indexes lower, even though most stocks on Wall Street rose.
The S&P 500 sank 0.5 percent Wednesday for its second straight loss after setting its all-time high. The Dow Jones Industrial Average dipped 0.1 percent, and the Nasdaq composite lost 1 percent.
Wells Fargo, Bank of America, and Citigroup all dropped following their latest profit reports. Nvidia and other tech stocks that have caught criticism for having too-expensive stock prices were the heaviest weights on the market. Oil companies and stocks of smaller companies rallied, while Treasury yields eased in the bond market.
On Wednesday:
The S&P 500 fell 37.14 points, or 0.5 percent, to 6,926.60.
The Dow Jones Industrial Average fell 42.36 points, or 0.1 percent, to 49,149.63.
The Nasdaq composite fell 238.12 points, or 1 percent, to 23,471.75.
The Russell 2000 index of smaller companies rose 18.53 points, or 0.7 percent, to 2,651.64.
For the week:
The S&P 500 is down 39.68 points, or 0.6 percent.
The Dow is down 354.44 points, or 0.7 percent.
The Nasdaq is down 199.60 points, or 0.8 percent.
The Russell 2000 is up 27.41 points, or 1 percent.
For the year:
The S&P 500 is up 81.10 points, or 1.2 percent.
The Dow is up 1,086.34 points, or 2.3 percent.
The Nasdaq is up 229.76 points, or 1 percent.
The Russell 2000 is up 169.73 points, or 6.8 percent.
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