Tech Shares Lead Wall Street Slump

The Dow Jones Industrial Average dropped 150 points Wednesday, as Lucid Motors and Rivian skidded in morning trade. Tesla stock rallied, extending Tuesday’s gains. And Nvidia earnings are due after the stock market close.

U.S. shares were trading modestly lower on Wednesday, a day after a positive session on Wall Street, partly driven by strong October retail sales data, brought the main indexes within striking distance of fresh records.

Irritating concerns about inflation and the US economic recovery from COVID-19 have held markets in check from a more pronounced run-up in values.

A lack of alternatives and hope that consumers can continue to serve as a pillar of the economic rebound are supporting gains.

Apple rose 0.7%, while Microsoft lost 0.3% in today’s stock market. American Express, JPMorgan Chase and Nike continue to trade near new buy points in the current rally.

The S&P 500 —which remains shy of its record high, was down 0.2%. The Nasdaq Composite also slipped 0.2%.