Stock market today: Live updates

The Dow Jones Industrial Average and S&P 500 slid on Wednesday, retreating from their latest records.

The S&P 500 edged down 0.2% while the 30-stock Dow slipped 252 points, or 0.6%, dragged down by a nearly 5% drop in Amgen. Both the Dow and S&P 500 eked out fresh records in early trading, but the 30-stock index is now on track to snap a four-day winning streak. The Nasdaq Composite traded near the flat line.

Notable losers of the day include General Motors and Ford, which slid 5% and 4%, respectively, after a downgrade from Morgan Stanley. Seven of the 11 sectors of the S&P 500 were in negative territory, led lower by energy as U.S. crude futures fell more than 2%. Chevron shares slumped 2%.

Tech was a bright spot in the market. Hewlett Packard Enterprise advanced more than 4% following an upgrade from Barclays, citing strong artificial intelligence data center demand as a positive catalyst. Chip powerhouse Nvidia added about 2%, bringing its market capitalization over the $3 trillion mark.

All three averages are on track for a positive September, though fears of a slowing economy still linger after last week’s rate cut from the Federal Reserve. The central bank’s move on interest rates has so far helped the S&P 500 defy what is usually a weak September.

“This is consistent with history: Stocks have tended to perform well in periods when the Fed is easing while the U.S. economy is still growing,” UBS global wealth management chief investment officer, Americas, Solita Marcelli wrote in a Wednesday note. “But the Fed’s level of success in guiding the US to a soft landing will be important in determining the outlook for other asset classes.”

Now that the central bank has begun to lower interest rates, the economy is becoming a bigger focus for investors.

On the data front, new home sales slipped 4.7% in August to 716,000, down from July’s revised reading of 751,000. Investors will also look toward weekly jobless claims on Thursday.