Wall Street stocks declined on Wednesday, retreating from records after pricing data showed an uptick in inflation, as leading companies fell after earnings reports.

After three straight closing records for the Dow and Tuesday's record for the S&P 500, both dropped along with the Nasdaq in the final full trading session of the week.

The Dow Jones finished down 0.3 percent at 44,722.

The S&P 500 fell 0.4 percent to 5,998, while the Nasdaq shed 0.6 percent to 19,060.

Despite Wednesday's lacklustre session, investors are optimistic about the upcoming period.

A note from CFRA Research pointed out that December has historically been the strongest month of the year for the S&P 500 since World War II.

"We project additional new highs through year-end as the S&P approaches our 6,145 target level," CFRA said in the note. "However, the year ahead could offer additional challenges, which will likely lead to a below-average full-year gain."

The personal consumption expenditures price index rose 2.3 percent in the 12 months to October, up from 2.1 percent in September, the Commerce Department announced.

The benchmark is closely watched by the Federal Reserve. Futures markets currently place the odds at about two-thirds that the Fed will cut interest rates again in December by a quarter of a percentage point.

Among individual companies, both Dell Technologies and HP Inc. fell sharply on disappointment with their profit outlooks.

Dell slumped 12.3 percent and HP lost 11.4 percent.

Department store Nordstrom also retreated, sinking 8.2 percent as it reported a 4.6 percent increase in revenues. But the company also reported lower profits in a move attributed to higher costs.

Markets will be closed on Thursday and open for only a half-day on Friday. (AFP)