CNBC Markets Now: May 22, 2024

Stocks backed off from record highs on some staticky signals related to the consumer and ahead of the hotly anticipated results from AI chip leader NVIDIA. The S&P 500 fell 1/4 of a percent on Wednesday, with some unsatisfying results or outlooks from retailers Target and William Sonoma, as well as home builder Toll Brothers. Representative of some of those consumer concerns. Minutes from the Fed's last meeting a few weeks ago struck a hawkish tone, with much commentary about the stubbornness of inflation. Although subsequent inflation data and Fed commentary since that meeting have been more moderate. After the closing video reported stunning sales growth of 260% / a year ago. Ahead of forecast, as were profits, though the stock, up some 200% in the past year, had a somewhat muted initial reaction even as the company announced A10 for one stock split. With your CNBC Markets Now update, I'm Mike Santoli.

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