NEW YORK (AP) — U.S. stocks are drifting lower on Wednesday after some of the country’s biggest retailers gave mixed forecasts for where they see their profits heading under the uncertainty caused by President Donald Trump’s trade war .
The S&P 500 was down 0.4% in morning trading and on track for a second straight drop after breaking a six-day winning streak. The Dow Jones Industrial Average was down 298 points, or 0.7%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.
Stocks were also feeling pressure from higher Treasury yields in the bond market. Such rises in yields can push down prices of all kinds of investments, and yields have been climbing in part because of concerns that big tax cuts under consideration in Washington could pile trillions o