NEW YORK — Wall Street’s recent surge hit a pause point Wednesday, as major stock indices displayed signs of vulnerability after approaching record highs. The S&P 500 experienced its first decline in four days, slipping 0.3 percent, while the Dow Jones Industrial Average barely moved, closing down by just one point. The Nasdaq composite fell 0.5 percent, reflecting a downturn influenced by several large technology stocks.

Apple led the downturn with a notable drop of 1.9 percent, attributed to a lackluster response to its recent product updates, which included only minor adjustments to its software. Investors appeared unimpressed by the announcements, leading to broader declines within the tech sector as market sentiment softened.

In the bond market, however, conditions were more favorable, as Treasury yields decreased following the release of inflation data that suggested President Trump’s tariffs have yet to significantly impact consumer prices. The overall cost of living increased by 2.4 percent in May compared to the previous year, just higher than April’s 2.3 percent but less severe than many analysts had anticipated.

Some experts had voiced concerns that the tariffs could lead to a significant rise in inflation, a scenario that has not materialized thus far. Ellen Zentner, chief economist at Morgan Stanley Wealth Management, noted that while the immediate effects of tariffs remain limited, longer-term inflation challenges persist.

The conclusion of two days of trade discussions between the United States and China produced minimal reactions in financial markets. Trump announced that China would supply rare-earth minerals and allow more Chinese students into U.S. universities, yet a comprehensive deal remains elusive as both nations continue navigating their complex economic relationship.

Investors are keeping their fingers crossed for broader trade resolutions that could alleviate tensions between the world’s two largest economies. Such optimism has played a significant role in propelling the S&P 500 nearly back to its all-time peak after a steep correction earlier this year. Still, the looming risks of heightened tariffs driving the economy toward recession remain top of mind.

In individual stock movements, Chewy faced a sharp decline of 11 percent after reporting profits that fell short of analysts’ expectations, despite a robust year-to-date performance prior to the report. Meanwhile, Tesla’s stock fluctuated before ultimately closing slightly positive, as the electric vehicle manufacturer continues to grapple with the fallout from volatile relationships at the highest levels of power in Washington.

The S&P 500 ended the day down 16.57 points at 6,022.24, while the Dow slightly decreased to 42,865.77, and the Nasdaq fell to 19,615.88. In the bond market, the yield on the 10-year Treasury bond dropped to 4.41 percent from 4.47 percent the previous day, and shorter-term yields fell even more sharply, reflecting changing expectations regarding monetary policy.

Wednesday’s inflation report raised hopes that the Federal Reserve may cut interest rates at least twice by the end of the year, easing pressure on both inflation and overall economic growth. Analysts are increasingly discussing the possibility of preemptive rate cuts, as fears of rising inflation may be giving way to concerns about slowing growth.

Across global markets, European indices mostly fell after gains were seen in Asia, where South Korea’s Kospi notably rose 1.2 percent. The uncertain landscape in financial markets underscores the complexity of the current economic climate, with investors watching closely for signals that could influence future monetary policy and corporate performance.