NEW YORK — Stock indexes shuffled lower Wednesday on Wall Street, pulling a bit further off their record highs.
The S&P 500 fell 12.23 points, or 0.3%, to 4,688.67 after earlier drifting between a tiny gain and a 0.4% decline. It’s sitting 13.03 points below its all-time high set a week and a half ago.
The Dow Jones Industrial Average sank 211.17, or 0.6%, to 35,931.05, and the Nasdaq composite lost 52.28, or 0.3%, to 15,921.57.
A 4.7% drop for Visa was one of the heaviest weights on the market. It fell after Amazon said it would no longer accept U.K.-issued Visa credit cards amid a dispute about fees.
The majority of stocks in the S&P 500 also sank, while the smaller stocks in the Russell 2000 index dropped even more, down 1.2%. But gains for some heavyweight stocks helped soften the losses. Apple rose 1.6%, and Tesla climbed 3.3%. Because they’re two of the biggest stocks on Wall Street by market value, their movements carry extra weight on the S&P 500.
Yields in the U.S. government bond market, center of some of Wall Street’s most turbulent action recently, pulled back following a week of big gains. The yield on the 10-year Treasury dropped to 1.59% from 1.63%.
Shorter-term yields also eased back, giving up a portion of their own recent surge. Last week, hotter-than-expected inflation across the economy pushed investors to move up their expectations for when the Federal Reserve would raise interest rates off their record lows.
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