Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the decline as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following strong inflation data. The S&P 500 dropped 22.85 points to 5,998.78, while the Nasdaq Composite lost 113.80 points, ending at 19,061.78. Despite solid consumer spending in October, inflation progress seems stalled, prompting traders to bet on a 25 basis point rate cut in December, but expect rates to remain unchanged in January and March. Investors are also assessing the implications of President-elect Donald Trump's recent trade pledges, which include imposing significant duties on imports from Mexico, Canada, and China.