How major US stock indexes fared Wednesday, 5/22/2024

U.S. stock indexes pulled back from their records as concerns about high interest rates weighed on the market. The S&P 500 fell 0.3% and the Nasdaq composite slipped 0.2% Wednesday, a day after both set all-time highs. The Dow Jones Industrial Average lost 0.5%. Indexes had been close to flat early in the day, but they sank after minutes from the Federal Reserve’s latest meeting showed officials suggesting it would likely take longer than previously thought to get inflation fully under control. Target tumbled to one of the market’s worst losses after the retailer reported profit that fell short of analysts’ expectations.