U.S. stocks and bonds drift following the latest update on inflation, while oil prices fall
Treasury yields edged higher as inflation stayed at 3.7%, and Nvidia earnings kept investors focused on tech stocks.
- On Wednesday, U.S. stocks drifted lower as inflation sat at 3.7% last month, slightly worse than the 3.6% economists expected, while spring economic growth remained at a sluggish 1.5% annual pace.
- The 10-year Treasury yield climbed to 4.65% early Wednesday, driven by persistent inflation concerns that keep the Federal Reserve's preferred measure uncomfortably above 3%, far exceeding the central bank's 2% target.
- Falling oil prices tempered some inflationary worries, with benchmark U.S. crude dropping 2.4% to $80.37 a barrel and Brent crude, the international standard, declining 1.8% to $85.70 a barrel.
- Corporate earnings drove mixed results: Meta Platforms climbed 2.7% after agreeing to pay $17 billion to settle safety claims, Abercrombie & Fitch surged 26.2% on strong profits, while Intuit fell 3% despite beating expectations.
- Wall Street awaits quarterly earnings from Nvidia, the artificial-intelligence bellwether, after trading closes today, with investors focused on the chipmaker's revenue forecast amid ongoing concerns over whether AI technology will generate sufficient profits.
13 Articles
13 Articles
US stocks and bonds drift following the latest update on inflation, while oil prices ease
The U.S. stock market is drifting after a report said inflation last month was a touch worse than economists expected. The S&P 500 was virtually unchanged Wednesday and remains near its all-time high set earlier this month. The Dow Jones…
US stocks and bonds drift following the latest update on inlfation, while oil prices fall
The U.S. stock market is drifting after a report said inflation last month and growth for the economy during the spring were a touch worse than economists expected. The S&P 500 edged down by 0.1% Wednesday but remains near its…
The Columbian
Pittsburgh Post-GazetteU.S. stocks and bonds drift following the latest update on inflation, while oil prices fall
NEW YORK — The U.S. stock market is drifting Wednesday after a report said inflation last month was a touch worse than economists expected. The bond market held relatively steady following some brief swings, while oil prices continued to drop.
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