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Stocks slip despite strong retail earnings, Visa drags Dow lower

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 Dow Jones Industrial Average fell 211.17 points, or 0.5%, and sat about 1.7% from its record.

The S&P 500 slipped 0.2% to 4,688.67 and the Nasdaq Composite lost 0.3% to 15,921.57.

Both were less than 1% from their records. The Dow was dragged down by a 4.7% drop in Visa.

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.

The S&P 500 and Nasdaq are still higher for the week, while the Dow is lagging.

Reference: CNBC