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US Stocks Fall as Inflation Data Dampens Rate Cut Hopes

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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.

 

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