News Formal

US Stocks Fall as Inflation Data Dampens Rate Cut Hopes

  • 📰 malaymail
  • ⏱ Reading Time:
  • 27 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 86%

Finance News

US Stocks,Inflation Data,Interest Rates

US stocks tumbled to a lower close yesterday after hotter-than-expected inflation data threw cold water on hopes that the Federal Reserve would begin cutting interest rates as early as June.

The Dow Jones Industrial Average fell 422.16 points, or 1.09 per cent, to 38,461.51, the S&P 500 lost 49.27 points, or 0.95 per cent, to 5,160.64 and the Nasdaq Composite dropped 136.28 points, or 0.84 per cent, to 16,170.36. ― Reuters picNEW YORK, April 11 ―

“Just a week ago Powell hinted at three cuts,” Detrick added. “One has to wonder if his opinion has changed after the stubborn data we continue to see.” “Anything related to rates has clearly been hit hard today, from real estate to housing to small caps,” Detrick said. Of the 11 major sectors of the S&P 500, all but energy ended red, with real estate shares suffering the steepest decline.

Most megacap growth stocks slipped with the exception of Nvidia Inc, which bucked the trend by rising 2.0 per cent.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global stocks subdued, yen in focus, with inflation data on tapNEW YORK, March 29 ― A gauge of global share markets was barely changed yesterday as it was poised to end the quarter with solid gains, while a strong dollar kept the yen near...
Source: malaymail - 🏆 1. / 86 Read more »

Global stocks set for weekly fall, US dollar climbs as Fed rate cut expectedNEW YORK, March 16 — A gauge of global stocks fell on Friday and was set for a weekly decline that would snap seven straight weekly gains, while the dollar rose and was on track...
Source: malaymail - 🏆 1. / 86 Read more »

Asian stocks subdued on yen caution, US inflation in focusSYDNEY, April 10 ― Asian stocks were muted as investors kept watch for possible intervention by Japanese authorities to stop the yen's decline and awaited US inflation...
Source: malaymail - 🏆 1. / 86 Read more »

US stocks inch to higher close as markets brace for CPI data, earningsNEW YORK, April 10 ― The Nasdaq and S&P 500 posted modest gains today, a day ahead of major inflation data, weighed down by financial stocks as investors braced for major US...
Source: malaymail - 🏆 1. / 86 Read more »