Technology companies led U.S. stocks lower Wednesday, giving the market its biggest loss since early September.
Grocery stores and packaged foods and beverage companies also accounted for much of the decline. Energy stocks fell as the price of crude oil closed lower a day after its biggest loss since October. Banks and phone companies eked out modest gains.
The latest slide extended the market’s losses from a day earlier and added to its pullback in November.
Unlike October’s broad market rally, fewer stocks and sectors have been notching gains this month, and the latest market decline reflects that, noted Bruce Bittles, chief investment strategist at Baird.
“And that’s exemplary of a market that’s losing momentum, and that’s the real story here,” Bittles said. “It means the market is struggling here, and it could mean that a lot of the good news on the economy, earnings and even the potential for a tax-reform bill are to a great extent already built into current prices.”
The Standard & Poor’s 500 index fell 0.55 percent to 2,564.62. The Dow Jones industrial average lost 138.19 points to 23,271.28. The Nasdaq composite slid or 0.47 percent to 6,706.21.
The major indexes are all in the red for the month, but still near their most recent record highs.