S&P, Nasdaq retreat as data show weak domestic business activity

The S&P 500 and the Nasdaq retreated on Wednesday as data showed domestic business activity nudged down in September, while a record high for Nike following a strong quarterly earnings report boosted the blue-chip Dow.

Data from IHS Markit showed gains at factories were offset by a retreat at services industries in September, suggesting a loss of momentum in the economy as the third quarter draws to a close.

Bets of a stable economic rebound from a pandemic-driven recession, combined with historic fiscal and monetary stimulus, had driven a rally in the three main US stock indexes since March.

However,