The Dow Jones Industrial Average today fell as investors took gains off the table and prepared for a December rate hike by the Fed Open Market Committee.

Investors are still bullish on Donald Trump as president, whose platform includes tax cuts, higher infrastructure spending, and corporate tax reform.

But investors are concerned about possible tariffs on foreign goods that could boost inflation.

Let's look at the final numbers Wednesday for the Dow, S&P 500, and Nasdaq:

Dow Jones: 18,868.14; -54.92; -0.29%

S&P 500: 2,176.94; -3.45; -0.16%

Nasdaq: 5,294.58; +18.96; 0.36%

Now, here's a look at today's most important market events and stocks, plus a preview of Thursday's economic calendar.

DJIA Today: Trump Rally Ends After Impressive Seven-Day Winning Streak

The Dow Jones slipped 54 points as investors listened to statements from various members of the Federal Reserve and confirmed their suspicions that the central bank will finally hike interest rates next month for the first time since December 2015. The U.S. dollar hit a 14-year high as foreign capital continues to pour back into the United States. Although a rate hike next month would likely be small, it would be another step toward normalization of interest rates after a decade of the Fed's zero-interest-rate policy (ZIRP). According to CME Group's FedWatch Tool, the probability of a rate hike next month now sits at 90.6%.

It was a tough day for the housing market after U.S. mortgage activity fell to a 10-month low. U.S. home buying is under pressure thanks to the recent election. Mortgage rates have surged over the last week since Trump won the White House.

The price of crude oil slipped despite increased optimism over OPEC's production deal. The WTI crude oil price today dipped 0.7%, while the Brent crude oil price dipped 1.1%. Crude prices ticked higher after Russia's energy minister said that he anticipates OPEC will move to limit crude output during its Nov. 30 meeting in Vienna, Austria.

The statement was enough to offset concerns about a huge jump in U.S. crude inventories last week. According to the Energy Information Administration, domestic crude stocks increased by 5.2 million barrels last week, well ahead of the consensus expectations of a 1.5-million-barrel build.

But the big news today is the Snapchat IPO. Snap Inc. filed for an initial public offering under the condition of confidentiality. Bloomberg reports that the firm filed for its IPO before the election with the Securities and Exchange Commission and set a potential valuation between $20 billion and $25 billion.

Top Stock Market News Today, Nov. 16, 2016

• Shares of Amazon.com Inc. (Nasdaq: AMZN) are in focus after the e-commerce giant unveiled price categories and products for its Black Friday sale. The company announced that it will start its promotions on Thanksgiving Day and run through Cyber Monday. Amazon will slash prices on its own products, like the Amazon Echo and the Tap. The stock has been under pressure over the last week after the U.S. election.
• Shares of Valeant Pharmaceuticals International Inc. (NYSE: VRX) fell more than 2.0% despite receiving a recommendation from famed value investor Bill Miller. The former Legg Mason fund manager said that VRX stock is worth twice its current trading price of roughly $18 per share. Despite Miller's good intentions, he's very wrong about the stock. The company's outrageous debt load and upside-down balance sheet shows that the company is barely worth half its trading price.
• It was another busy day of earnings reports. Target Corp. (NYSE: TGT) rallied more than 6.4% after the firm easily topped Wall Street earnings expectations for the third quarter. In addition to topping profit and revenue expectations, the company increased its earnings guidance and same-store sales forecast looking forward.
• Meanwhile, shares of Lowe's Companies Inc. (NYSE: LOW) fell 2.8% after the home improvement retailer fell short of expectations. The firm's Q3 adjusted earnings per share (EPS) of $0.88 fell short of Wall Street expectations by $0.08. Although the firm reported an uptick in same-store sales, its executives warned that it may fall short of its previous Q4 guidance. The news comes a day after Home Depot Inc. (NYSE: HD) topped Wall Street earnings.