Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the declines as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following persistent inflation. The S&P 500 dropped 22.85 points to 5,998.78, the Nasdaq Composite fell 113.80 points to 19,061.78, and the Dow Jones Industrial Average decreased by 136.31 points to 44,723.23. Consumer spending showed solid growth in October, indicating a strong economy, but progress on inflation appears to have stalled.