Stock market today: Wall Street churns after highly anticipated inflation data

NEW YORK — Stocks churned to a mixed close on Wall Street after a highly anticipated report showed inflation accelerated across the country last month, but not by much more than expected. The S&P 500 managed a gain of 0.1% Wednesday after drifting between small gains and losses. The Dow fell 70 points, and the Nasdaq composite rose 0.3%. While the inflation data was a touch hotter than estimated, economists and investors don’t expect it to change the Federal Reserve’s anticipated track much.

That’s discouraging for shoppers paying higher prices, but much of the acceleration was because of higher fuel costs, which can swing very sharply and quickly. Ignoring those, underlying inflation trends still look to be pointing toward continued moderation, economists said. Inflation peaked last year above 9%.

But she also said expectations among traders on Wall Street for cuts to interest rates next year may be too aggressive. Such cuts can act like steroids for stocks and other investments, but inflation is still above the Fed's target of 2%. Stocks of airlines were struggling after a couple warned of the hit to profits they’re taking because of higher costs.

Other airlines also sank, including declines of 4.3% for United Airlines, 3.1% for Delta Air Lines and 2.3% for Southwest Airlines.

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