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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 fell 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 were 3.7% higher last month than a year earlier, accelerating from 3.4% in August and exceeding the 3.6% economists expected, triggering bond market pressure.
- The 10-year Treasury yield surged to 5.23% from less than 5.17%, while traders raised expectations for a Federal Reserve rate hike to 39% in two weeks, according to CME Group data.
- Homebuilder stocks sank further, with Lennar dropping 3.3%, PulteGroup 3.2%, and D.R. Horton 2.9%, while Bank of America fell 6.3% after reporting weaker third-quarter results.
- Despite inflation concerns, Vanguard Senior Economist Adam Schickling said "patience will be required" as the U.S. economy continues growing, supported by worker productivity gains.
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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.
Stock market today: S&P 500, Dow Jones, Nasdaq futures fall as US inflation hits 3.7% in September - THE LOCAL REPORT ARTICLES
US stock futures fell on Wednesday as inflation in September was higher than expected. Investors were worried that rising prices could remain a problem for the US economy. Treasury yields also went up, putting pressure on the stock market. US stock futures fall as inflation rises to 3.7% and Treasury yields climb. (REUTERS/Jeenah Moon/File Photo) ...
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Total News Sources11
Leaning Left2Leaning Right0Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 40%
C 60%
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