(RTTNews) - Stocks have moved mostly lower over the course of the trading day on Wednesday, giving back ground after trending higher over the past several sessions. The tech-heavy Nasdaq is leading the pullback.
Currently, the Nasdaq is down 192.01 points or 1.0 percent at 18,983.56. The S&P 500 is also down 24.85 points or 0.4 percent at 5,996.78, pulling back off yesterday's record closing high, while the Dow is down 20.97 points or 0.1 percent at 44,839.34.
The slump by the Nasdaq comes amid substantial weakness among computer hardware stocks, with the NYSE Arca Computer Hardware Index plunging by 3.7 percent.
PC makers HP Inc. (HPQ) and Dell Technologies (DELL) are both plummeting by more than 12 percent after providing disappointing earnings guidance.
Semiconductor stocks are also seeing significant weakness, dragging the Philadelphia Semiconductor Index down by 2.7 percent to its lowest intraday level in over two months.
Weakness among software and networking stocks is also weighing on the Nasdaq, while oil service stocks are regaining ground following a recent pullback.
The weakness in the broader markets comes after the Commerce Department released closely watched consumer price inflation data that matched expectations.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in October, matching the uptick seen in September as well as economist estimates.
The annual rate of growth by the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September, which was also in line with expectations.
Excluding food and energy prices, the core PCE price index climbed by 0.3 percent in October, matching the increase seen in September as well as economist estimates.
The annual rate of growth by the core PCE price index crept up to 2.8 percent in October from 2.7 percent in September, which was also in line with expectations.
While the faster year-over-year price growth was in line with estimates, the acceleration may still have raised concerns about the outlook for interest rates.
The inflation readings, which are preferred by the Federal Reserve, have largely overshadowed a slew of other U.S. economic data.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index slid by 0.8 percent, while China's Shanghai Composite Index jumped by 1.5 percent.
The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index is up by 0.1 percent, the German DAX Index is down by 0.2 percent and the French CAC 40 Index is down by 0.8 percent.
In the bond market, treasuries have moved back to the upside following the pullback seen on Tuesday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.9 basis points at 4.263 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
