Stronger-than-anticipated retail sales data provided further proof of the U.S. economy’s resilience on Wednesday.

This also fueled expectations of further interest rate hikes from the Federal Reserve in the coming months.

Vehicle purchases helped push retail sales up by 3 percent in January, according to data released by the Department of Commerce.

According to figures released on Tuesday, consumer price growth accelerated in January across the United States.

Adding to speculation that the Federal Reserve will raise its benchmark interest rate twice more in 2016, in order to bring it to the range of 5.25% to 5.50%.

Ross Mayfield, an investment strategist at Baird in Louisville, Kentucky, remarked that the positive retail news and, more generally, the stronger economy had been largely priced in.

“At the same time, this strength has eliminated market expectations for rate cuts. It also raised the terminal Federal funds slightly.”

The S&P 500 has climbed nearly 8% so far in 2023. This is fueled by a gradual recovery in growth stocks which were battered during last year’s stock market decline.

A quarterly earnings season that exceeded expectations has given cautious optimism.

According to Refinitiv data, more than half of S&P 500 companies have reported earnings thus far.

And of those, nearly 70% have exceeded profit expectations compared to an average over time of 66%.

During afternoon trading, the S&P 500 fell 0.12% to 4,131.37 points. While the Nasdaq rose 0.32 percent to 11,998.09 points.

Whereas the Dow Jones Industrial Average fell 0.26 percent to 34,001.65 points. And six of the eleven S&P 500 sector indexes declined.

It was led lower by energy (.SPNY), down 2.05%, preceded by health care (-0.5%). (.SPXHC).

Tesla (TSLA.O) rose 1.5% as $28 billion dollars of the electric car manufacturer’s shares were traded.

Representing nearly a quarter of all S&P 500 stock volume.

Roblox (RBLX.N) gained 25% after the popular gaming platform for children and exceeded quarterly bookings estimates.

After Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) reduced its stake in Taiwan Semiconductor Manufacturing Co (TSMC), the chipmaker’s U.S.-listed shares fell 5.6%.

Shares of Airbnb Inc (ABNB.O) and Tripadvisor Inc (TRIP.O) increased by 14% and 1.6%, respectively.

After the companies reported results that exceeded expectations due to robust travel demand.

Devon Energy (DVN.N) fell nearly 12% after the shale oil producer missed quarterly profit expectations.

This is due to a decline in production caused by extreme cold weather in the United States and higher costs.

The ratio of advancing to declining stocks on the S&P 500 (.AD.SPX) was 1.1 to 1.

The S&P 500 recorded 14 new highs and no new lows, while the Nasdaq registered 52 new highs and 45 new lows.