S&P 500 Gains and Losses Today: Shares of PC Makers Fall as AI Adoption Stumbles [Video]

Major U.S. equities indexes lost ground on the last trading day before Thanksgiving.

The latest Personal Consumption Expenditure (PCE) data, released Wednesday morning, showed annual price increases of 2.3% in October, an uptick from September’s rate of 2.1%. The Federal Reserve closely monitors the PCE, and the indication of stubborn inflation could influence policymakers as they weigh additional interest rate cuts.

The S&P 500 slipped 0.4% during the pre-holiday session. The Dow was down 0.3%, while the tech-heavy Nasdaq closed 0.6% lower.

Personal computer (PC) manufacturer Dell Technologies (DELL) released a mixed quarterly report, edging out profit estimates but missing sales forecasts. Although artificial intelligence (AI) demand helped boost the company’s networking and server revenue, Dell’s chief operating officer (COO) said on the earnings call that the AI business “will not be linear,” suggesting that AI-driven growth will be a gradual process as customers adapt to the shifting technology landscape. Dell shares plunged 12.3% on Wednesday, the steepest …