U.S. stocks are sinking Wednesday following new inflation data that showed prices accelerated for a third consecutive month. The hotter-than-expected report further dashed hopes for Fed rate cuts this year amid fears that progress may be stalling in taming elevated price levels.The S&P 500 slumped 1.1% in early trading and is on track for one of its worst days of the year so far. The Dow Jones Industrial Average was down 451 points, or 1.2%, as of 9:35 a.m.
Either interest rates needed to fall or profits for companies needed to rally to make stock prices look more reasonable. The hope on Wall Street is that the resilient U.S. economy could help prop up profits, even if it does diminish hopes for rate cuts. Ian Shepherdson, chief economist with Pantheon Macroeconomics, isn't quite convinced the latest CPI data, while painful, signifies an upward trend, rather than a bumpy road.
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