2024-04-10 16:45:56
The main indices on Wall Street opened higher, following inflation data showed a reading higher than expected, and with the exception of the energy sector, all sectors in the broad market index were in red.
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Inflation data falls on Wall Street stocks and the Dow Jones index falls 300 points
The main indices on Wall Street opened lower today, Wednesday, following inflation data showed a reading higher than expected, which weakened hopes that the US Federal Reserve would begin a monetary policy easing cycle next June.
The Dow Jones Industrial Average fell 332 points, or 0.8%, following recovering from a decline of more than 500 points earlier in the session.
The Standard & Poor’s 500 and Nasdaq Composite also fell by 0.8%.
With the exception of the energy sector, all sectors in the broad market index were in the red for the day. Real estate stocks fell by more than 3%, leading the sector to losses today.
The Standard & Poor’s 500 index was swinging last April, in anticipation of this inflation report following a strong start to the year, as the index rose by 10%, achieving its best gains in the first quarter in 5 years.
The consumer price index in March rose by 0.4% on a monthly basis and 3.5% on an annual basis, compared to estimates of a monthly increase of 0.3% and 3.4% on an annual basis, according to economists surveyed by Dow Jones.
The core CPI, which excludes volatile food and energy prices, accelerated 0.4% from the previous month, while rising 3.8% from a year ago, compared to estimates of 0.3% and 3.7%, respectively.
The Consumer Price Index rose in April at an annual rate of 3.2% for all items.
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