U.S. stocks took a dip on Wednesday as investors weighed a continuation of strong earnings reports from big-box retailers against lingering inflation concerns.

The S&P 500 slipped 0.2% to 4,688.67. 

The markets are coming off a more positive day in which all three of the major averages moved upward after economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.

Bath & Body Works, Victoria’s Secret and Cisco Systems are also on deck.


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U.S. stock futures were flat in overnight trading after the major averages pulled back, albeit close to records, on Wednesday.

The Nasdaq Composite ticked 0.33% lower, despite most mega-cap technology companies closing in the green. The tech-heavy Nasdaq led the major averages for the quarter, up about 10.1%.

Nvidia shares popped in extended trading after beating on the top and bottom lines of its quarterly results. Cisco Systems' stock went the other direction due to weaker revenue guidance and a revenue miss.

The Labor Department will report last week’s jobless claims data at 8:30 a.m. on Thursday. Economists polled by Dow Jones are expecting initial filings for unemployment insurance fell to 260,000 for the week ending November 13, from the previous week’s 267,000 claims.
 

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