NEW YORK (AP) — Major U.S. stock indexes declined on Wednesday, pulled down by losses in several bank and Big Tech stocks, even as a majority of stocks on Wall Street rose.
The S&P 500 slipped 0.5%, marking its second consecutive loss after reaching an all-time high. The Dow Jones Industrial Average dipped 42 points, or 0.1%, and the Nasdaq composite fell 1%.
Wells Fargo dropped 4.6% after reporting weaker profit and revenue for the latest quarter than analysts had anticipated. Analysts pointed to lower trading fees and other miscellaneous items.
Bank of America fell 3.8% despite reporting a stronger profit than expected, with some concern about its upcoming expenses. Citigroup declined 3.3% following its profit report, as the bank continues a turnaround under Chair and CEO Jane Fraser.
Biogen sank 5% after the biotechnology company said it expects its profit for the fourth quarter of 2025 to take a hit due to research and development expenses and other acquired costs.
Tech stocks were among the heaviest weights on the market, giving back some of their recent gains driven by artificial-intelligence enthusiasm. Nvidia fell 1.4%, and Broadcom sank 4.2%.
More stocks rose than fell on Wall Street, however. Exxon Mobil rose 2.9%, and Chevron climbed 2.1% as the price for a barrel of benchmark U.S. oil increased 1.4% to settle at $62.02, helping limit the S&P 500's losses.
Stocks of smaller companies outperformed the broader market, with the Russell 2000 index rising 0.7%.
In total, the S&P 500 fell 37.14 points to 6,926.60. The Dow Jones Industrial Average dipped 42.36 to 49,149.63, and the Nasdaq composite fell 238.12 to 23,471.75.
Oil prices have rallied recently after protests swept Iran, an OPEC member, raising concerns about potential production disruptions and tighter crude supplies. Brent crude, the international standard, rose 1.6% and briefly brought its year-to-date gain to nearly 10%, before both it and U.S. oil prices retreated later in the afternoon.
In the bond market, Treasury yields sank as investors sought safer investments. Several U.S. economic reports presented a mixed picture.
One report showed shoppers spent more at U.S. retailers in November than economists expected, a potentially encouraging signal for the economy's main engine. A separate report indicated prices rose modestly at the U.S. wholesale level in November, following Tuesday's data that showed inflation at the consumer level was close to expectations but remained above the Federal Reserve's 2% target.
Collectively, the reports did little to alter Wall Street's expectation, based on CME Group data, that the Federal Reserve will cut its main interest rate at least twice this year, likely starting around June, to support the job market.
The yield on the 10-year Treasury fell to 4.14% from 4.18% late Tuesday.
In overseas markets, Japan's Nikkei 225 rallied 1.5% to another record amid growing expectations that Prime Minister Sanae Takaichi may call general elections soon. Indexes were mixed elsewhere: stocks rose 0.6% in Hong Kong but fell 0.3% in Shanghai after a report showed China's trade surplus surged 20% in 2025 to a record despite tariffs imposed by President Donald Trump.