A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
NEW YORK, NY -- The stock market's early summer rally appears to have fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks.
The major indexes have drifted lower in the past week after climbing to all-time highs at the start of the month.
On Wednesday, the market fell as a poor earnings report from Macy's cast doubt on the outlook for consumer spending.
Other department store stocks also fell after Macy's reported disappointing earnings for the second quarter.
The S&P 500 index closed down nearly nine points, or 0.5 percent, to 1,685. The index has declined in six of the last eight trading days and is flat for the month.