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22/05/24 Briefing

U.S. stock indexes pulled back from their records as concerns about high interest rates weighed on the market.

The S&P 500 fell 0.3% and the Nasdaq composite slipped 0.2% Wednesday, a day after both set all-time highs. The Dow Jones Industrial Average lost 0.5%.

Indexes had been close to flat early in the day, but they sank after minutes from the Federal Reserve’s latest meeting showed officials suggesting it would likely take longer than previously thought to get inflation fully under control. Target tumbled to one of the market’s worst losses after the retailer reported profit that fell short of analysts’ expectations.

On Wednesday:

The S&P 500 fell 14.40 points, or 0.3%, to 5,307.01.

The Dow Jones Industrial Average fell 201.95 points, or 0.5%, to 39,671.04.

The Nasdaq composite fell 31.08 points, or 0.2%, to 16,801.54.

The Russell 2000 index of smaller companies fell 16.65 points, or 0.8%, to 2,081.71.

For the week:

The S&P 500 is up 3.74 points, or 0.1%.

The Dow is down 332.55 points, or 0.8%.

The Nasdaq is up 115.58 points, or 0.7%.

The Russell 2000 is down 14.01 points, or 0.7%.

For the year:

The S&P 500 is up 537.18 points, or 11.3%.

The Dow is up 1,981.50 points, or 5.3%.

The Nasdaq is up 1,790.19 points, or 11.9%.

The Russell 2000 is up 54.64 points, or 2.7%.

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