U.S. stock markets experienced a downturn as the momentum from Wall Street’s earlier strong rally began to wane.
On Wednesday, the S&P 500 decreased by 0.9%, marking its third consecutive decline, a first for the index in six weeks.
The Dow Jones Industrial Average recorded a drop of 1%, while the Nasdaq composite faced a notable decline of 1.6%, largely influenced by losses in major technology stocks including Nvidia.

The shift in stock momentum comes after the S&P 500 reached a record high on Friday, amid increasing pressure from surging Treasury yields seen in the bond market.
Yields continued to rise on Wednesday, contributing to the selling pressure in equity markets.

In terms of specific performance on Wednesday:

– The S&P 500 lost 53.78 points, or 0.9%, closing at 5,797.42.

– The Dow Jones Industrial Average fell 409.94 points, or 1%, to finish at 42,514.95.

– The Nasdaq composite dropped 296.47 points, or 1.6%, bringing it to 18,276.65.

– Meanwhile, the Russell 2000 index, which represents smaller companies, slipped by 17.69 points, or 0.8%, to 2,213.84.

Looking at week-to-date performance, the S&P 500 has decreased by 67.25 points, or 1.1%.
The Dow has seen a notable decline of 760.96 points, or 1.8%.
The Nasdaq is down 212.90 points, or 1.2%, and the Russell 2000 has dipped 62.25 points, or 2.7%.

In the broader context of the year, however, the S&P 500 remains up by 1,027.59 points, or an impressive 21.5%.
The Dow has increased by 4,825.41 points, or 12.8%.
The Nasdaq composite is up by 3,265.30 points, representing a gain of 21.8%.
Lastly, the Russell 2000 is up 186.76 points, showcasing a year-to-date rise of 9.2%.