Stocks Decline as Consumer, Technology Retreat

U.S. stocks drifted modestly lower on Wednesday as declines in consumer and technology companies offset banks’ rebound. At close, the Dow Jones Industrial Average fell 27.55 points, or 0.16%, to 17,635.39. The S&P 500 was down 3.92 points, or 0.19%, to 2,040.24. The Nasdaq Composite shed 9.85 points, or 0.20%, to 4,849.94.

Burger chain Shake Shack (SHAK) reported revenue that topped estimates and a net loss in its first quarterly report as a public company. Its revenue rose to $35 million from $23 million in the year-before period. The company reported a net loss of 5 cents per share.

PetSmart said Wednesday that it has been taken private, as a group of investors led by the buyout firm BC Partners completed their $8.7 billion acquisition of the pet store retailer.

European Central Bank governing council member Ewald Nowotny on Wednesday played down concerns that central banks are trying to weaken their exchange rates to boost exports and inflation, saying currency markets don’t play a dominant role in the global economy.