US markets declined yesterday. The S&P 500 fell from record highs after Dell, Nvidia and other AI-related stocks fell sharply, and inflation data showed tariffs have started pinching prices.
The S&P 500 declined 0.6% to end the day at 6,460, a day after notching a record-high close. The Nasdaq declined 1.1% to 21,456, while the Dow Jones declined 0.2% to 45,545. Dell tumbled almost 9% and was among the deepest decliners in the S&P 500. Nvidia dipped 3.4%, down for a third straight day. For the month, the S&P 500 rose 1.9%, the Dow rose 3.2% and the Nasdaq added 1.6%.
US consumer spending increased by the most in four months in July while services inflation picked up. The report from the Commerce Department on Friday showed mild price pressures from tariffs on imports. The U.S. stock market will be closed on Monday for the Labor Day holiday.
US shares of Alibaba soared 13% and were among the most-traded on Wall Street after the Chinese company reported stronger-than-expected quarterly growth in its cloud computing business.
