3rd Straight Loss for Dow

3rd Straight Loss for Dow

February 28,2024 04:41 pm EST

Stocks slid Wednesday as investors looked ahead to a key inflation report due later this week.

The Dow Jones Industrials finished the day down 23.39 points Wednesday at 38,949.02, marking the index's third consecutive day of losses.

The S&P 500 dropped 8.42 points to 5,069.76.

The NASDAQ index slid 87.56 points to 15,947.74.

UnitedHealth lost nearly 3% to lead the Dow lower. Intel docked 1.7% and Alphabet declined 1.8%, Elsewhere, Urban Outfitters fell 12.8% after reporting weaker-than-expected results for the fourth quarter.

Investors are looking toward the personal consumption expenditure reading for January on Thursday, which is the Federal Reserve's preferred measure of inflation.

The report will come as the market tries to build on the gains that took the Dow and S&P 500 to record highs. This week, the market has struggled, however, pulling back slightly.

Prices for the 10-year Treasury inched forward, lowering yields to 4.26% from Tuesday's 4.31%. Treasury prices and yields move in opposite directions.

Oil prices faded 48 cents to $78.39 U.S. a barrel.

Gold prices dropped $1.10 to $2,043.00.

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