Stock market news live updates: Stocks drop as inflation concerns overshadow strong retail earnings; Dow sheds 211 points, or 0.6%

Stock market news live updates: Stocks drop as inflation concerns overshadow strong retail earnings; Dow sheds 211 points, or 0.6%

Stocks were mostly lower Wednesday to hover below record levels, as investors digested a set of solid corporate earnings results from more major retailers. 

The S&P 500, Dow and Nasdaq were slightly lower. Tesla (TSLA) shares bucked the trend of the market and extended gains, after jumping 4% on Tuesday. Peloton (PTON) shares fell after surging by nearly 16% on Tuesday in its best day since May 2020, after the company announced a secondary stock offering that would net more than $1 billion. 

Despite the mild pullback on Wednesday, stocks remained close to record levels. Better-than-expected economic data, with retail sales growing by the most since March in October, and strong earnings results from major companies including Walmart (WMT) and Home Depot (HD) helped buoy the broader markets in recent sessions. The latest earnings results from Target (TGT) and Lowe's (LOW) on Wednesday showed continued strength, albeit alongside some lingering concerns over the impacts of supply-side disruptions and rising input costs.