REFILE-US STOCKS-Wall St ends down after recent gains; retailers, tech weak
(Fixes typographical error in headline)
*
Best Buy down on weak outlook
*
Kohl's slips on quarterly sales miss
By Caroline Valetkevitch
NEW YORK, Nov 21 (Reuters) - U.S. stocks retreated on Tuesday and the S&P 500 snapped a five-session winning streak, with retailers down after some disappointing outlooks and technology shares falling.
Indexes stayed lower after minutes from the latest Federal Reserve meeting showed officials agreed to take a cautious approach to raising U.S. interest rates going forward.
U.S. central bank officials also said they would only need to hike rates if incoming information showed a lack of progress in lowering inflation, according to minutes from the Oct. 31-Nov. 1 meeting.
"No surprises from the Fed meeting minutes," said Gene Goldman, chief investment officer at Cetera Investment Management. Goldman noted that the Fed said on Nov. 1 that further hikes were possible, yet Fed Chair Jerome Powell in a news conference "downplayed the need to raise rates again. Markets hoped for some type of clarification on this inconsistency."
Stocks had been rallying, largely on the view that the Fed may be done hiking rates.
Shares of Nvidia
slipped from an all-time high
. The chipmaker was set to report quarterly results after the closing bell.
An index of semiconductors was down sharply along with the S&P 500 retail index.
Among retailers, Kohl's Corp shares dropped after missing third-quarter sales estimates.
According to preliminary data, the S&P 500 lost 9.17 points, or 0.20%, to end at 4,538.22 points, while the Nasdaq Composite lost 84.55 points, or 0.59%, to 14,199.98. The Dow Jones Industrial Average fell 62.18 points, or 0.18%, to 35,088.43.
In other retail news, Best Buy shares slipped after the electronics retailer said it expects a steeper drop in annual comparable sales.
(Reporting by Caroline Valetkevitch; additional reporting by Sinead Carew in New York, and Amruta Khandekar and Shristi Achar A; Editing by Maju Samuel, Pooja Desai and David Gregorio)
