Stocks tumbled on Wednesday as investors cashed in some profits following the market’s recent hot streak, and FedEx dragged the S&P 500 lower.

The Dow Jones Industrial Average slid 475.92 points, or 1.27%, to 37,082.00. The Nasdaq Composite was lower by 1.50% to 14,777.94. Both indexes ended a nine-day advance, and they had their worst day since October.

The S&P 500 declined 1.47% to 4,698.35, marking its worst day since September.

“Markets were becoming overbought, and a pullback like this is natural given those conditions,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “So it was more technical than fundamental.”

FedEx was the biggest laggard in the S&P 500, losing 12%. The package delivery giant issued a disappointing revenue outlook for the fiscal year, and reported fiscal second-quarter results that fell short of expectations on the top and bottom lines. The Dow Jones Transportation Average, a price-weighted index of 20 stocks that includes FedEx, fell more than 2%

Google-parent Alphabet was among the best performers in the S&P 500, reaching a new 52-week high during the session; it gained 1.2%.

The pullback comes after a robust session Tuesday when the Dow and the Nasdaq Composite both registered nine straight days of gains. Since the Oct. 27 closing low and through Tuesday, the Dow Industrials climbed 15.9%, and the S&P 500 jumped 15.8%. The Nasdaq Composite had gained 19.1% since its most recent closing low of Oct. 26.

All three major averages remain on pace for a winning December and 2023 as investors look forward to proposed rate cuts from the Federal Reserve in the new year.

The S&P 500 has risen 2.9% this month and 22% year to date. The Dow has added 3.2% in December and 11.9% in 2023. The Nasdaq is up by 3.9% on the month and 41% on the year, putting it on pace for its best year since 2020.

— CNBC’s Scott Schnipper contributed to this report.