The Dow topped 45,000 for the first time, but Wall Street's major indexes fell on Wednesday, with the Nasdaq leading the decline as tech stocks fell ahead of the Thanksgiving holiday.
Meanwhile, investors were watching to see what the Federal Reserve's next action would be based on the outlook for inflation.
In afternoon trading, the Dow Jones Industrial Average fell more than 100 points, or 0.3%, to $44,732. The blue-chip stock index closed at a record high for the third consecutive session.
The S&P 500 fell 0.4% and the Nasdaq fell 0.8%.
Data showed a solid increase in consumer spending in October suggests the economy maintained its strong pace of growth early in the fourth quarter, but progress in lowering inflation has stalled in the past few months. It seems there is.
Traders increasingly expect the Fed to cut borrowing costs by 25 basis points at its December meeting, according to CME's FedWatch.
But they expect the central bank to keep rates unchanged at its January and March meetings.
Dell and HP fell 2%, falling 10.5% and 10.1%, respectively, after lower quarterly estimates, weighing on the information technology sector, which led the sectoral decline.
This sentiment extended to mega-cap stocks such as Nvidia and Microsoft, which fell 3.5% and 1%, respectively, and the Philadelphia SE Semiconductor Stock Index, which fell 3.2% to its lowest point in more than two months.
Investors also appreciated data on Thursday that showed economic growth remained strong in the third quarter, although weekly jobless claims fell again last week and the US Federal Reserve's December This left the door open to further rate cuts.
“Inflation is proving to be a little more sticky than the Fed would have liked, so there could be a pause in terms of rate cuts,” said Scott Welch, chief investment officer at Certuity.
“There are questions about the impact of President Trump's stated tariff policy, which could lead to significant inflation if implemented, and the Fed must balance economic data with the incoming administration's policy agenda. You will need to take it.”
Minutes from the Fed's November meeting released Tuesday showed policymakers uncertain about the prospects for rate cuts or the extent to which current rates are holding back the economy.
Concerns include President-elect Donald Trump's proposed tax cuts and tariff policies, including his latest stance on imports from Mexico, Canada and China, which could drive up prices and spark a trade war. , could put pressure on global economic growth.
Markets are pricing in the possibility that President Trump's policies will benefit local businesses and the broader economy, with the benchmark S&P 500 posting its biggest one-month gain in a year and the first in six of seven months. recorded an increase.
Specifically, Workday fell 7.7% after the company said it expected lower-than-expected fourth-quarter subscription revenue due to weaker customer spending on human capital management software.
