Reporters reported that The Dow fell more than 100 points today, the last trading day of September. And it was the last day of the third quarter following the US released higher-than-expected inflation numbers. The Dow Jones Industrial Average was 29,045.83, minus 179.78, or 0.62%.
The US Department of Commerce said that Basic personal consumption expenditure (PCE) price index, excluding food and energy It is the Fed’s key gauge of inflation, up 4.9 percent year-on-year in August. And it was higher than analysts’ forecast of 4.7 percent from 4.7 percent in July when compared monthly. In addition, the core PCE index rose 0.6% in August and beat analysts’ expectations of 0.5% following being flat in July.
The general PCE index, which includes food and energy, rose 6.2 percent in August year on year from 6.4 percent in July. . After falling 0.1% in July
by PCE index It is a measure of inflation that can detect changes in consumer behavior. and covers a broader range of prices for goods and services than the Consumer Price Index (CPI). from the US Department of Labor
The Dow and S&P 500 are down more than 7% from the beginning of September. As a result, the Dow dropped its worst month since March, while the S&P 500 sank its worst since June. The Nasdaq is down 9.1 percent this month, its biggest drop since April.
On a quarterly basis, the Dow is on track for three consecutive quarters of decline for the first time since 2015, while the S&P 500 and Nasdaq are on track for three straight quarters of declines for the first time since. year 2009
According to the CFRA Research Institute, statistics indicate that September was Wall Street’s worst month of the year.
In addition, the CFRA pointed out that this year, which is the year of midterm elections in the United States, Will make the Wall Street stock market more likely to fall in September. This is because investors tend to sell heavily in September and October in the election year. before returning to buy shares in the 4th quarter
