US equity had indexes churned higher and lower during the session as investors picked through US inflation data for clues about the Federal Reserve's rate hiking path.US equity had indexes churned higher and lower during the session as investors picked through US inflation data for clues about the Federal Reserve's rate hiking path.
The inflation numbers we got this morning were not good, worse than expectations … There’s high food prices and increasing concern inflation numbers are going to be sticky on the high side,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder. The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65%, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18%, to 11,364.24.Nasdaq lagged its peers sharply as interest rate-sensitive growth sectors, technology and consumer discretionary, underperformed the rest of the market also closing down more than 3%.
“At the end of the day we can get all excited about whether it’s a little higher or a little lower but clearly the year-on-year inflation rate rolled over and looks like it peaked in March. It seems to have turned the corner,” he said. The Japanese yen strengthened 0.35% versus the greenback at 129.97 per dollar, while Sterling was last trading at $1.2245, down 0.62% on the day. In early trade, benchmark 10-year Treasury yields had fallen to their lowest levels in a week.
The 30-year bond last rose 57/32 in price to yield 3.026%, from 3.129% while the 2-year note last fell 1/32 in price to yield 2.6371%, from 2.623%.
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