US Stock Market Falls ahead of Latest Inflation Data

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It is not all so rosy for the U.S. stocks as earlier this week; a day ahead of the latest inflation data precisely, stocks ended mostly lower. This could provide more clues on when the Federal Reserve is likely to start cutting rates.

The Dow Jones Industrial Average rose by 10 percent, the S&P 500 fell by 10 percent, and the Nasdaq also fell by 40 percent.

Several Investors are eagerly waiting for the next Consumer Price Index for February; especially considering the fact that January’s report showed inflation creeped up a bit more than expected.

As price trend continues to decline generally, Ross Mayfield, an Investment Strategy Analyst at Baird Private Wealth Management, referring to this report, said it could once again show how tough it may be to reach the Fed’s annual 2% target.

“Inflation has proven sticky. It has driven the Fed to take some of the rate cuts off the table that the market was expecting. And we could expect an upside surprise tomorrow again. Some of that service inflation has been really sticky. Energy prices have rallied a little bit here. So the headline number could see some upside surprises.”

And from the stables of company news, Boeing shares also went down by 3%. The U.S. Transportation Secretary Pete Buttigieg said he expects the planemaker to cooperate in ongoing investigations by the Justice Department, and National Transportation Safety Board into the Alaska Airlines MAX 9 emergency in January, when a door panel fell off the jet mid-flight.

Chip stocks experienced recent decline as well with Broadcom dropping by over 1 percent, Nvidia 2 percent, and Advanced Micro Devices more than 4%.

Things are looking good for shares of Equitrans Midstream as it edged up 1.5% after EQT Corp said it had decided to buy back its former unit in an all-stock deal.

 

 

 

 

 

 

 

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