Stocks slip amid weekslong win streak

U.S. retailers see mixed results in earnings, holiday forecasts

NEW YORK — Wall Street’s rally ran out of momentum Tuesday, and stocks drifted lower a day after hitting their highest level since the start of August.

The S&P 500 slipped 9.19 points, or 0.2 percent, to 4,538.19 for just its third loss in the past 17 days.

The Dow Jones Industrial Average dropped 62.75, or 0.2 percent, to 35,088.29, and the Nasdaq composite dipped 84.55, or 0.6 percent, to 14,199.98.

Retailers were mixed after several reported their earnings for the latest quarter and their forecasts for the upcoming holiday shopping season.

Lowe’s sank 3.1 percent despite reporting better profit for the latest quarter than analysts expected. Its revenue fell short of Wall

Street’s estimates, and it also cut its forecasts for revenue and profit over the full year. Sales for do-it-yourself projects have been lower than expected at the home improvement retailer.

Best Buy dipped 0.7 percent after likewise beating analysts’ expectations for profit in the latest quarter but falling short on revenue. Its CEO, Corie Barry, said demand from customers has been “more uneven and difficult to predict.”

Best Buy cut its forecast for revenue for the full year, with some other financial measures.

On the winning side of Wall Street was Dick’s Sporting Goods, which rose 2.2 percent. It delivered stronger profit and revenue for the third quarter than analysts expected, as customers both bought more at each transaction and made more total purchases. The sporting goods retailer raised its forecasts for fullyear results.

Stocks have jumped on rising hopes that inflation has cooled enough to make the Federal Reserve’s next move on interest rates a cut rather than a hike.

The central bank is trying to slow the economy and hurt investment prices just enough with high interest rates to smother inflation without overdoing it and causing a recession.

Recent economic reports suggesting a slowdown in both inflation and the economic activity that could create more inflation have pushed traders to move up expectations for when the Fed could begin cutting rates.

Such expectations have caused Treasury yields in the bond market to tumble.

The yield on the 10-year Treasury edged down to 4.41 percent from 4.42 percent late Monday. A few weeks ago, it was above 5 percent.