NEW YORK (AP) — Major U.S. stock indexes closed lower Wednesday, dragged down by declines in bank and technology shares, even as the majority of stocks on Wall Street advanced.
The S&P 500 fell 0.5%, marking its second consecutive loss after reaching a record high. The Dow Jones Industrial Average dropped 42 points, or 0.1%, while the Nasdaq composite declined 1%.
Wells Fargo shares dropped 4.6% after the San Francisco-based bank reported quarterly profit and revenue that fell short of analyst expectations. Analysts pointed to lower trading fees and other miscellaneous items.
Bank of America fell 3.8% despite reporting a profit that exceeded forecasts, with some concern about its upcoming expenses. Citigroup, led by Chair and CEO Jane Fraser, fell 3.3% following its profit report.
Biogen sank 5% after the biotechnology company said it expects fourth-quarter 2025 profit to be impacted by research and development expenses and other acquired costs.
Technology stocks, which have seen huge gains in recent years driven by artificial intelligence, were among the market's heaviest weights. Nvidia fell 1.4%, and Broadcom sank 4.2%.
More stocks rose than fell on Wall Street. Exxon Mobil rose 2.9%, and Chevron climbed 2.1% as the price of U.S. benchmark crude oil increased 1.4% to $62.02 per barrel, helping limit the S&P 500's losses.
The Russell 2000 index of smaller companies rose 0.7%, outperforming the broader market.
In the bond market, Treasury yields fell as investors sought safer investments. The yield on the 10-year Treasury declined to 4.14% from 4.18%.
A report showed U.S. retail spending in November exceeded economist expectations. Another report indicated wholesale prices rose modestly that month, following Tuesday's data showing consumer inflation was close to expectations but above the Federal Reserve's 2% target.
According to CME Group, these reports did little to alter Wall Street's expectation that the Fed will cut its main interest rate at least twice this year, likely starting around June, to support the job market.
Oil prices have rallied recently amid protests in Iran, an OPEC member, which could disrupt production and squeeze crude supplies. Brent crude, the international standard, rose 1.6% and briefly brought its year-to-date gain to nearly 10% before prices retreated later in the afternoon.
In overseas markets, Japan's Nikkei 225 rallied 1.5% to another record amid expectations Prime Minister Sanae Takaichi may call general elections soon. Stocks rose 0.6% in Hong Kong but fell 0.3% in Shanghai after a report showed China's 2025 trade surplus surged 20% to a record despite tariffs imposed by President Donald Trump.