(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- Stocks fell Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest comments on inflation.
The Dow Jones Industrial Average was lower by 102.35 points, or 0.30%, to 33,951.52. The S&P 500 dropped 0.52% to 4,365.69, while the Nasdaq Composite slid 1.21% to 13,502.20. It was the third consecutive day of losses for the three indexes.
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Some major tech stocks that enjoyed an extraordinary run because of enthusiasm around artificial intelligence pulled back. Amazon shares dropped about 0.8% after the Federal Trade Commission on Wednesday sued the online retailer. The agency alleged that Amazon fooled millions of shoppers into signing up for Prime, and then hindered their attempts to cancel. Nvidia, which is up nearly 200% this year, slid 1.7%. Shares of Google-parent Alphabet and Netflix were each down by more than 2%.
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