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U.S. Stocks Moving Mostly Lower Following Inflation Data
The Nasdaq fell 1% and the S&P 500 dropped 0.8% as traders sold stocks after the latest inflation report.
- On Wednesday, the Nasdaq dropped 1 percent to 26,934.74 and the S&P 500 declined 0.8 percent to 7,746.29 after investors reacted negatively to inflation data released earlier in the day.
- U.S. consumer costs rose 3.7 percent last month versus a year earlier, accelerating from 3.4 percent in August and exceeding the 3.6 percent economists expected, pushing the 10-year Treasury yield to 5.23 percent.
- Traders now see a 39 percent chance the Federal Reserve will raise rates in two weeks, while homebuilders Lennar, PulteGroup, and D.R. Horton fell 3.3 percent, 3.2 percent, and 2.9 percent respectively.
- Bank of America shares dropped 6.3 percent after reporting weaker third-quarter results and facing a $1.2 billion U.S. Treasury Department fine, while BlackRock rose 0.5 percent on stronger earnings.
- Despite inflation concerns, Vanguard Senior Economist Adam Schickling said inflation should slow but "patience will be required," as signals suggest the U.S. economy is still growing amid global yield pressures.
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13 Articles
13 Articles
U.S. Stocks Moving Mostly Lower Following Inflation Data
Stocks have moved mostly lower over the course of the trading day on Wednesday amid a negative reaction to the latest inflation data. The major averages have all moved to the downside, adding to the modest losses posted in the previous session. Currently, the Nasdaq and S&P 500 are just off their lows of the session.
Coverage Details
Total News Sources13
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
Factuality
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