US stocks slipped on Wednesday after the S&P 500 and Nasdaq snapped a three-day losing streak, as investors watched for signs of life in the tech-driven rally and weighed the prospects for rate cuts.
The benchmark S&P 500 (^GSPC) fell around 0.2% while the Dow Jones Industrial Average (^DJI) dropped about 0.4%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) was just below the flatline as Nvidia (NVDA) extended its rebound.
The moves lower in stocks came as Treasury yields inched off their 3-month lows. The 10-year Treasury yield (^TNX) added 6 basis points to climb back to 4.3%.
A wobbly last handful of sessions has left investors wondering whether the drag on stocks is temporary or the start of a more solid retreat. The outsize impact of Nvidia stock on broader performance has underlined the question.
At the same time, the market is looking to economic prints for cues ahead of the key PCE inflation release on Friday. Federal Reserve speakers this week have underlined their caution in deciding to make interest-rate cuts, dependent on the data.