Nasdaq Slips; Bitcoin Rises — WSJ
By WSJ StaffStocks traded modestly lower on Wednesday, with the Nasdaq composite leading declines.This week's batch of retail earnings kicked off with results from Macy's and Dollar Tree. Shares in Macy's slipped, despite the department-store chain raising its annual outlook again and posting the highest quarterly sales in over three years. Dollar Tree posted stronger-than-forecast adjusted earnings.Various retailers and brands, including most recently American Eagle and Zara owner Inditex, have touted positive starts to the holiday shopping season. But concerns remain over how inflation is affecting lower-income U.S. consumers.The Federal Reserve's preferred inflation gauge is due later this week. Wednesday's data slate includes ADP employment, which showed the private sector shed 32,000 jobs in November. The "modest fall" should be enough to persuade Fed policymakers to vote for another rate cut next week, said Stephen Brown of Capital Economics.The dollar weakened further, particularly against sterling. Bitcoin traded as high as $93,000, continuing Tuesday's recovery.In other markets:The Indian rupee hit a record low against the greenback, based on data back to 1957, amid uncertainty about a U.S. trade deal.In commodities, oil futures rose over 1%, with a focus on Ukraine-Russia peace negotiations. Copper futures also gained, on pace to close at a new record high.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).